56% of Piramal Glass Ceylon traded; mandatory offer expected

The Colombo Stock Exchange today saw the sale of 56 percent of Piramal Glass Ceylon PLC.

This morning the market witnessed a crossing of 536.3 million Piramal Glass shares at Rs.11.60 per share. The exact amount was held by Piramal Glass Private Limited, a unit of India’s Piramal group.

In December, last year, Piramal Glass Private Limited entered into a sale and purchase agreement with Pristine Glass Private Limited, a company incorporated in India, to sell its entire equity holding in Piramal Glass Ceylon PLC, in line with Piramal group’s strategy of exiting the glass business.

Pristine was later confirmed to be a part of US-based Blackstone Capital, which bought Piramal Group's glass business for US $ 1bn.

With today’s transaction, the buyer of the shares is expected to announce a mandatory offer to purchase the remaining shares of Piramal Glass Ceylon PLC as per the provisions of the SEC’s Takeovers and Mergers Code.

According to market sources, the transaction was executeed by Asia Securities for the buyer and John Keells Stockbrokers for the seller.