Blackstone sells 23% stake in Essel Propack by process of initiating market transactions

Blackstone bought 23 per cent stake in Essel Propack, one of many greatest manufacturers of laminated tubes dilapidated mostly by FMCG and pharma firms

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Blackstone | Essel Propack

American buyout critical Blackstone on Friday bought 23 per cent stake in Essel Propack, one of many greatest manufacturers of laminated tubes dilapidated mostly by FMCG and pharma firms, for a itsy-bitsy bit over Rs 1,860 crore thru initiating market transactions.

The shares had been picked by Axis Mutual Fund, Franklin Templeton Mutual Fund and DSP Mutual Fund, Morgan Stanley, Neuberger Berman and Nomura among others.

Based on block deal data readily available in the market with the BSE, Blackstone thru its entity Epsilon Bidco PTE LTD bought a complete of 7,25,80,090 shares, translating into 23 per cent stake, of Essel Propack.

The shares had been bought on an average designate of Rs 256.5, valuing the transaction at Rs 1,861.68 crore.

Publish the stake-sale, Blackstone holding in the firm has come correct down to 52 per cent.

Final year, Blackstone had received 75 per cent stake in Essel Propack for Rs 3,211 crore.

Essel Propack’s Ashok Goel, who also runs Essel World, the first amusement park in Mumbai, is the youthful brother of Subash Chandra, the promoter of the financially worried Essel Neighborhood that has an indebtedness of Rs 17,174 crore.

Thirty-seven-year-extinct Essel Propack employs over 3,150 americans across its 20 companies in 10 international locations, and manufactures 7 billion laminated tubes per annum that are dilapidated by FMCG, pharma and packaged meals industries.

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