Essel Propack share price fell over 5 percent in the morning trade on September 18 after reports made rounds that the world’s biggest alternative asset manager Blackstone is planning to sell its stake in the firm.
Blackstone is looking to sell a large chunk of its shareholding in the packaging firm through block trades. The deal could fetch the investor as much as USD 251 million, Mint reported.
Epsilon Bidco Pte. Ltd, a Blackstone entity which owns 75 percent of Essel Propack, is looking to sell up to 23 percent stake representing around 72.5 million shares of the company, according to deal terms.
The sale would fetch Blackstone about Rs 1,850 crore. The floor price has been set at Rs 255 per share. UBS Securities India Pvt Ltd and Systematix Shares & Stocks are managing the share sale.
The stock was trading at Rs 257.65, down Rs 15.35, or 5.62 percent at 09:26 hours. It has touched an intraday high of Rs 263.25 and an intraday low of Rs 256.30.
The scrip witnessed a spurt in volume by more than 3654.59 times and was trading with volumes of 76,128,167 shares, compared to its five day average of 28,368 shares, an increase of 268,261.19 percent.
Around 5.9 crore shares (17.7 percent equity) worth Rs 1,450 crore traded on NSE and BSE at Rs 256-262 apiece.
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