US-based Blackstone Group agreed to buy a 51 per cent stake in Essel Propack Ltd, India's largest rigid plastic packaging provider said on Monday.
Blackstone will buy the stake from the Ashok Goel Trust at Rs 134 per share, representing a premium of 1.1 per cent over the company's Monday closing price.
Under takeover rules, the transaction triggered a mandatory open offer in which Blackstone, along with Epsilon BidCo Pte Ltd, offered to buy an additional 26 per cent stake in Essel for Rs 1,142 crore ($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 per cent stake in the company, Essel Propack said.
($1 = Rs 69.67)