Epsilon Bidco offloads 23% stake in Essel Propack

On Friday (18 September), Epsilon Bidco sold a total of 7.25 crore equity shares or 23.01% stake of Essel Propack via bulk deals on BSE.

Epsilon Bidco sold 1.80 crore equity shares at Rs 256.44 and another 5.45 crore equity shares at Rs 256.49. Epsilon Bidco reduced its shareholding in Essel Propack to 51.98% from 74.99% earlier.

On the same day, mutiple funds like Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, DSP Mutual Fund, Emerging Markets Equity Fund, Franklin Templeton Mutual Fund, FTIF-Templeton Asian Smaller Companies Fund, IDFC Mutual Fund, Integrated Core Strategies (Asia), Nueberger Berman Equity Funds, Norges Bank and TNTBC bought the stake from Epsilon Bidco via bulk deals on BSE.

Shares of Essel Propack advanced 2.82% to Rs 259 on BSE. It has soared 153.67% from its 52-week low of Rs 102.10 hit on 20 September 2019.

Essel Propack's consolidated net profit rose 14% to Rs 45.62 crore on a 17.7% increase in net sales to Rs 741.49 crore in Q1 FY21 over Q1 FY20.

Essel Propack is the largest global specialty packaging company, manufacturing laminated plastic tubes catering to the FMCG and Pharma space.

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