Piramal sells majority stake

Business

Piramal Glass Pvt Ltd on Tuesday sold its 56 per cent stake in the company in early trade on the Colombo Stock Exchange.

Piramal Glass' 536,331,880 shares crossed at Rs.11.6 in a Rs. 6.2 billion transaction. To whom the stake was sold was still unclear with stockbrokers predicting it was sold to a foreign buyer.

Private equity giant Blackstone acquired the parent, the globally diversified Piramal Group' glass packaging business, Piramal Glass, some months ago. Stockbrokers said Tuesday's deal was a part of this transaction.

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