Hindusthan National Glass to sell stake in subsidiary to Turkish firm
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Country's largest glass containers maker Hindusthan National Glass and its promoter entity, Somany family, will sell over 42 per cent stake in group firm HNGFL to a Turkish company for an undisclosed amount.
The stake of HNG Float Glass Ltd (HNGFL) – where Hindusthan National Glass and Industries Ltd and Somany family together hold 87.6 per cent shareholding -- would be sold.
In this regard, HNGIL and Somany family have entered into a pact with Turkey's Trakya Cam Sanayii AS. After sale, their combined shareholding would come down to 45 per cent.
"With joint venture agreement, shareholding of the company and the other promoters of HNGFL shall reduce from around 87.6 per cent currently to nearly 45 per cent and Trakya will become an equal shareholder by about 45 per cent shareholding in HNGFL," HNGIL said in a filing to BSE today.
Financial details were not disclosed.
HNGIL's shareholding in HNGFL would come down to 15 per cent from the current 47.4 per cent, as a result of the partnership with Trakya.
"The shareholding of HNGIL, post the consummation of the proposed transaction, shall stand diluted from present 47.4 per cent to about 15 per cent in HNGFL," the filing said.
Currently, Somany family owns about 40.2 per cent stake in HNGFL, while another 12.4 per cent is held by IFC, Washington.
After the deal with the Turkey firm, IFC would continue to be a stakeholder in HNGFL.
HNGFL is engaged in manufacturing of flat glass and related value added float glass products.
Shares of HNGIL today closed at Rs 203 on the BSE, up 0.12 per cent from its previous close.