Piramal Glass’ mandatory offer price revised upwards

The mandatory offer price of Piramal Glass Ceylon PLC (PGC) has been revised upwards to Rs.11.86 from Rs.11.60, a stock exchange filing said.

PGP Glass, a unit of US-based private equity fund, Blackstone, recently bought 56 percent of PGC for Rs.6.2 billion. The shares were purchased from India’s Piramal Group for Rs.11.60 each.

Yesterday’s filing said the initial offer price of Rs.11.60 was subject to upward adjustment depending on PGC’s actual levels of net debt and working capital as at March 30, 2021.

“…and hereby the offeror wishes to announce that the initial offer price of Rs.11.60 is revised upward to Rs.11.86,” the filing said.

It also noted that as required by the Company Take-overs & Mergers Code, the offer period has also been revised. Accordingly the closing date of the mandatory offer has been revised to 
May, 2021.