Essel Propack shares climb 3% even as Blackstone offloads 23% stake

Blackstone sold 23 percent stake in Essel Propack to a clutch of investors, including Axis Mutual Fund, DSP Mutual Fund, Franklin Templeton Mutual Fund, Morgan Stanley.

Shares of Essel Propack climbe

d almost 3 percent in morning trade on BSE on September 21 even as the firm said Blackstone sold a 23 percent stake in it.

Blackstone sold 23 percent stake in Essel Propack to a clutch of investors, including Axis Mutual Fund, DSP Mutual Fund, Franklin Templeton Mutual Fund, Morgan Stanley, Neuberger Berman, Nomura and others, for a little more than Rs 1,860 crore via open market.

The sale was carried out through Blackstone’s entity Epsilon Bidco in a block deal on September 18. Average share price was Rs 256.5, valuing the transaction at Rs 1,861.68 crore.

Blackstone’s holding in the 37-year-old company has now reduced to 52 percent from the 75 percent acquired in 2019 for Rs 3,211 crore.

The shares of the company traded 2.22 percent higher at Rs 257.50 on BSE at 11:00 hours.

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