Blackstone buys majority stake in Essel Propack

摘要

U.S.-BASED Blackstone Group agreed to buy a 51 percent stake in Essel Propack Ltd,India's largest rigid plastic packaging provider said here 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 here 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.