On Saturday, India's Piramal Healthcare Ltd. (500302.BY) has announced that it will double shareholding in Vodafone India Ltd. by acquiring 5.5% more shares for around INR30.07 billion ($619 million) in cash.

Piramal Healthcare has been looking to spread the large of cash it made by trading two of its businesses in 2010, while the local unit of Vodafone Group PLC (VOD, VOD.LN) requires to adhere to Indian foreign investment rules which closed overseas holdings in an Indian telecom company at 74%.

The pharmaceutical company will buy the additional stocks from Essar group's ETHL Communications Holdings Ltd., Vodafone and Piramal Healthcare said in separate statements on Saturday.

Piramal Healthcare had bought an earlier 5.5% share in Vodafone India for INR28.56 billion in August 2011. It following the Vodafone transaction last year that bought a 33% share held by former joint-venture partner Essar Group in mobile company Vodafone-Essar Ltd.

Essar Communications (Mauritius) Ltd. Advanced 22%, and remained 11% was held by ETHL Communications. While Essar Communications entire sold 22% stake in July, ETHL Communications was scheduled to trade 11% stake by Feb. 15, 2012.

On Saturday, Piramal Healthcare reiterated that it would to exit Vodafone India by participating which expected by India's third-largest mobile operator by users in initial public offering.

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