Glass-Container Maker Wants to Sell 15% Stake

KOLKATA -- The Somany family, founders of India's largest glass-container manufacturer, Hindusthan National Glass and Industries, is looking to sell about 7.5% of the company's shares to invest in an "unrelated business." Hindusthan National Glass controls about 55% share of the glass-container market in India.

The proposed share sale may raise around 1.35 billion rupees ($30 million) at current prices, paring the family's holding to 62.5% of the company. The stake sale is expected to be concluded in the current fiscal, said Laxmi Narayan Mandhana, the company's chief financial officer. Details about what the money would be used for was not disclosed.

The company also is looking for investors to sell an additional 7.5% stake from its 14.64 million in treasury stocks, he said. The inclusion of these treasiry stocks -- or the company shares held through a trust account for 16.76% of the equity capital -- puts the total stake sale at 15%. The company hopes this size will make it an attractive buy for private equity firms.

Read the full story below.

600450 Glass-Container Maker Wants to Sell 15% Stake
Date: 25 May 2011

See more news about:

See more from these topics:

Others also read

Now is the time for revolutionary glass for evolving workspaces, with Saint-Gobain Inspire’s Planilaque Evolution.
FRG finds application as doors and windows, partitions, roofs, smoke screens, etc.
The Rail Nirman Nilayam at Hyderabad, constructed by the South Central Railways, is the first project of the Indian Railways that has been registered for GRIHA compliance.
Self-adhesive switchable smart film from Intelligent Glass has been retrofitted to glass partition meetings rooms in India.
Welcome to one of the greenest corporate campuses in the world. Welcome to Suzlon One Earth, Pune, a LEED Platinum and GRIHA 5 Star certified building.
Ecosense Excel is a specialized green building glass with advanced solar control and low-E properties.

Add new comment