Piramal Healthcare raises 18 bln rupees for Vodafone stake

Drugmaker Piramal Healthcare raised 18 billion rupees through commercial papers with 30-day and 75-day maturities, to pay in part for raising its stake in Vodafone India unit, Rajesh Laddha, group chief financial officer told reuters on Monday.

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The firm said on Saturday it would buy a 5.5 percent stake in Vodafone's India unit from Essar for 30 billion rupees, taking its total stake in the mobile company to about 11 percent.

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The firm paid a yield of 10.65 percent and 10.15 percent for the April and March maturity commercial paper transactions, respectively, which was arranged by Kotak Mahindra Bank.

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