Blackstone stake in Piramal Glass tops 78% following mandatory offer

PGP Glass, a unit of US-based private equity fund Blackstone, has increased its stake in Piramal Glass Ceylon PLC (PGC) to at least 78.65 percent, after acquiring nearly half of the remaining ordinary shares amounting to a 22.2 percent stake in the company, through the extended mandatory share buyout offer, according to a Colombo Stock Exchange filing.

Blackstone recently acquired a 56 percent stake in PGC for Rs.6.2 billion from India’s Piramal Group, paying Rs.11.60 per share.

On March 31, this year, it made a mandatory offer to purchase the remaining shares of PGC at the same price of Rs.11.60 per a share. 

However, PGP Glass on April 20 announced an upward revision to the initial offer price to Rs.11.86 per share and an extension of the offer period to May 4.

Accordingly, the minority shareholders disposed 210.9 million ordinary shares, accounting for a 22.2 percent stake of PGC to the controlling shareholder, accepting the offer. 

“Subsequent to the above mandatory offers PGP Glass Private Limited holds 7475231,145 shares - 78.65 percent (approx.) The figures set out under paragraph 2 (a) above are subject to any acceptances that may be received by mail today,” the filing noted.