Essel Propack share price: Essel Propack gains 2% as Blackstone agrees to buy 51% stake - The TheIndianSubcontinentNever miss a great news story!Get instant notifications from TheIndianSubcontinentAllowNot nowYou can switch off notifications anytime using browser settings.NewsLATEST NEWSShare market update: Nifty Pharma index up; Lupin jumps 4%Sensex climbs 180 points, Nifty above 11,600 as financials riseShare market update: PSU Bank shares gain; PNB rises over 1%Oil price rise a knee-jerk reaction, shouldnt extend far: Jonathan Barratt, Probis SecuritiesShare market update: Auto shares mixed; Hero MotoCorp up 1%TCI Finance, Baba Arts among top losers on BSELinde India, ZEEL among top gainers on BSEBuzzing stocks: PC Jeweller, Jet Airways, YES Bank, HDFC Bank, RILJet Airways waits for a buyer as rivals muscle in on territoryDID YOU KNOWUnleash the power of SIP - Invest in Mutual fundsReturns1M 6M 1Y 3Y 13.63% PortfolioLoadingSelect Portfolio and Asset Combination for Display on Market BandShow More Download ET MARKETS APP Get ET Markets in your own languageDOWNLOAD THE APP NOWCHOOSE LANGUAGEENGENG - EnglishHIN - GUJ - MAR - BEN - KAN - ORI - TEL - TAM - ET NOW RADIOET NOWTIMES NOWThe transaction will trigger a mandatory open offer for a purchase of additional 26 per cent shares of the company.ETMarkets.com|Apr 23, 2019, 10.23 AM ISTGetty Images"The sale is expected to complete in the coming months, subject to customary closing conditions and approvals," the company said in a BSE filing.
NEW DELHI: Shares of Essel Propack climbed 2 per cent in Tuesday's trade after reports that Blackstone agreed to buy 51 per cent of the promoter stake in the company at Rs 134 per share.
The transaction will trigger a mandatory open offer for a purchase of additional 26 per cent shares of the company.
For this, the open offer price has been fixed at Rs 139.19 per share.
"Based on the open offer subscription, the purchase price consideration will vary between Rs 2,157 crore and Rs 3,211 crore (or, approximately $310 million - $462 million).
The sale is expected to complete in the coming months, subject to customary closing conditions and approvals," the company said in a BSE filing.
At 10.19 am, shares of the company were trading 0.26 per cent higher at Rs 133 apiece on BSE.
The stock was up 2 per cent in early trade.
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