Piramal Healthcare Acquires Additional 5.5% Stake In Vodafone From Essar
Piramal Healthcare Limited will acquire 5.5% stake in Vodafone India Limited from Essar for R3007Cr.
With this deal the total shareholding of Piramal in Vodafone will increase to 11%. According to press release, the funding for investment is being met through a mix of internal and external resources.
The transaction follows the settlement between Vodafone and Essar over the sale of Essar’s approximately 33% stake in VIL, announced in July 2011, and the purchase by Piramal of approximately 5.5% of the issued share capital of VIL from Essar in August 2011.
In March 2011, Vodafone Group Plc bought Essar Group's 33% stake in JV Vodafone Essar, for $5 Bn in cash, increasing its stake from 42% to 75%. Last August, Piramal Healthcare Limited acquired 5.5% stake of Vodafone Group Plc in Vodafone Essar Limited for R2856Cr (Approx $ 640 Mn).
Essar held its stake in the JV Vodafone-Essar Ltd. through two group companies; Essar Communications (Mauritius) Ltd. owned 22%, and the remaining 11% was held by ETHL Communications.
While Essar Communications sold its entire 22% stake in July, ETHL Communications was scheduled to sell its 11% stake by Feb. 15, 2012.
In 2007, Vodafone bought a 67% controlling interest for $10.9 Bn in Hutchison Essar which was renamed as Vodafone Essar and gave option to Essar to sell its entire stake for $5 Bn or to dispose of part of the 33% shareholding at an independently appraised fair market value.
In FY10-11, PHL sold its healthcare solution business to Abbot for $ 3.8 Bn and sold stake in Piramal Diagnostics Services Private Limited to Super Religare Labs for Rs. 6.0 Bn.
PHL acquired assets of Biosyntech for C$ 4.7 Mn. Piramal Healthcare had earlier acquired 17% stake in BioSyntech in 2006. This investment gave Piramal the rights for the marketing, sales and distribution of current and future products of BioSyntech, for India and some neighbouring Asian markets.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 06/02/12 | Essar - Vodafone - Piramal Healthcare | M&A | Piramal Healthcare Limited | 616.57 |
| 11/08/11 | Vodafone Group - Vodafone Essar - Piramal Healthcare | Private Equity | Piramal Healthcare Limited | 624.31 |
| 31/03/11 | Essar Group (Exit) - Vodafone Essar - Vodafone Group Plc | M&A | Vodafone Group Plc | 5000.00 |
| 14/05/10 | Vodafone Essar - Analjit Singh | M&A | Analjit Singh | 76.36 |
| 30/04/07 | Vodafone Essar - IDFC PE | Private Equity | IDFC Private Equity | 25.00 |
| 01/01/06 | Vodafone Essar - Kotak Private Equity Exit | M&A | - | |
| 31/12/05 | Vodafone Essar - | M&A | - | |
| 31/12/97 | Vodafone Essar - Kotak Private Equity | Private Equity | Kotak Private Equity Group | - |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 07/05/12 | Private Equity | Looking For | Kavveri Telecom Infrastructure Limited | 20.00 | Planned |
| 16/04/12 | Private Equity | GIC Special Investments Pte Limited | Tulip Telecom Limited | - | Completed |
| 11/04/12 | M&A | Bharti Airtel Limited (Formerly Bharti Televentures Limited) | 4G Licenses | 1164.82 | Planned |
| 15/03/12 | M&A | Spreadtrum Communications | Micromax Informatics Limited | 10.00 | Completed |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Piramal Healthcare Limited | Piramal Group | Piramal Tower, Ganpatrao Kadam Marg Lower Parel |
Novartis India Limited Thyrocare Technologies Limited Ankur Drugs & Pharma Limited |
piramalhealthcare.com |
| Vodafone India Limited (Formerly Vodafone Essar Limited) | Essar Communications Limited Telecom Investments India Private limited |
Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai-400013. |
Bharti Airtel Limited (Formerly Bharti Televentures Limited) Reliance Communications Limited Allianz Infratech Private Limited Tata Teleservices (Maharashtra) Limited |
www.vodafone.in |
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