Essel Propack shares gain over 4% on sale of subsidiary

Shares of Essel Propack rose by more than 4 per cent after the company sold wholly-owned subsidiary Packaging India Pvt Ltd (PIPL) valued at Rs 165 crore.
The stock of the packaging firm ended the day with a gain of 4.32 per cent at Rs 147.20 on BSE. Intra-day, it surged 6 per cent to Rs 149.60 -- its one-year high level.
At the NSE, Essel Propack's scrip went up by 4.21 per cent to Rs 147.15.
The agreement to sale PIPL to Amcor Flexibles India Pvt Ltd has been signed and the deal is completed for full cash consideration, Essel Propack had said yesterday without disclosing the actual cash realisation.

"The enterprise value of the divested business is Rs 165 crore," the Essel Group company said.
The divestment is a part of company's strategy to exit non-core adhesive lamination packaging business and pursue growth opportunity in its core tube packaging business, which has great potential across the globe in beauty, pharma, and food categories, it added.