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ESSELPACK - Essel Propack News Story

₹187.7 1.5  0.8%

Last Trade - 20/02/20

Basic Materials
Mid Cap
Market Cap £641.5m
Enterprise Value £688.2m
Revenue £299.5m
Position in Universe 313th / 3167

UPDATE 1-Blackstone buys majority stake in Indian packaging firm Essel Propack

Mon 22nd April, 2019 3:29pm
(Adds open offer details)
    April 22 (Reuters) - U.S.-based Blackstone Group  BX.N 
agreed to buy a 51 percent stake in Essel Propack Ltd  ESSL.NS ,
India's largest rigid plastic packaging provider said
 on Monday.
    Blackstone will buy the stake from the Ashok Goel Trust at
134 rupees per share, representing a premium of 1.1 percent over
the company's Monday closing price.
    Under India's takeover rules, the transaction triggered a
mandatory open offer in which Blackstone, along with Epsilon
BidCo Pte Ltd, offered
 to buy an additional 26 percent stake in Essel for 11.42
billion rupees ($163.92 million).
    The total deal value will range from $310 million to $462
million, based on the open offer. The Trust will retain a 6
percent stake in the company, Essel Propack said.
    In December, Blackstone Chairman Stephen Schwarzman told the
Economic Times that a reform-oriented government, weak rupee,
bumper exits and new opportunities in bankruptcy and structured
capital services will likely make India favourable for
aggressive purchases.*:nL3N1YJ2EY
    ($1 = 69.6700 Indian rupees)

 (Reporting by Chandini Monnappa in Bengaluru; Editing by
Shreejay Sinha)
 ((; +91-82-6749-7919; Reuters
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