Piramal Enterprises, one of India's largest diversified companies, jumped on Thursday after it agreed to divest its entire equity stake, comprising 45,425,328 shares (11%), in Vodafone India to Prime Metals, an indirect subsidiary of Vodafone Group Plc, for a total consideration of Rs 89 billion, valuing the shares of Vodafone India at Rs 1,960 a share.
Piramal had acquired these shares at an average price of Rs 1,290 a share for a total consideration of Rs 58.64 billion in two tranches during FY12.
Shares of the company are trading at Rs 571.80, up Rs 35.65, or 6.65% at the Bombay Stock Exchange (BSE) on Thursday at 11:08 a.m.
The scrip has touched an intra-day high of Rs 577.10 and low of Rs 539.10. The total volume of shares traded at the BSE is 95,551.
In the earlier session, the shares rose 1.74%, or Rs 9.15, at Rs 536.15. Currently, the stock is trading down 11.8% from its 52-week high of Rs 648.30 and above 20.13% over the 52-week low of Rs 476.