EPL shares decline 8% after Blackstone to sell 24.9% stake to Indorama

EPL shares slipped 8.3 per cent in Monday's trade on BSE, logging an intraday low at Rs 217.9 per share. The stock fell after promoter Epsilon parent Blackstone entered into a definitive agreement with Indorama Netherlands, B.V. to sell a 24.9 per cent stake at Rs 240 per share, as per filing. 

 

Around 1:48 PM, EPL share price was down 5.38 per cent at Rs 225 per share on BSE. In comparison, the BSE Sensex was down 1.14 per cent at 74,448.85. The market capitalisation of the company stood at Rs 7,183.20 crore. The 52-week high of the stock was at Rs 289.7 per share and the 52-week low was at Rs 169.85 per share.

 

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"Pursuant to the definitive agreements, INBV will acquire a minority stake of 24.9 per cent of EPL from Blackstone at a purchase price of Rs 240 per share," the filing read.

 

The sale is expected to be completed in the coming months, subject to customary closing conditions and approvals. 

 

EPL is the largest global speciality packaging company, manufacturing laminated plastic tubes catering to the FMCG and Pharma space. Employing over 3,500+ people representing over 25 different nationalities, EPL functions in eleven countries through 21 manufacturing facilities, and is continuing to grow every year.  

 

Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. 

 

Indorama Ventures, listed in Thailand, is one of the world's leading chemicals producers, with a global manufacturing footprint across Europe, Africa, Americas, and Asia Pacific. The company's portfolio comprises Combined PET, Fibers, Indovinya, and Indovida (formerly Packaging). Indorama Ventures’ products serve major FMCG, agricultural, lifestyle, and automotive sectors, including beverages, hygiene, personal care, tire, and safety segments. Indorama Ventures has about 26,000 employees worldwide and reported revenue of US$15.6 billion in 2023. The company is listed in the Dow Jones Emerging Markets and World Sustainability Indices (DJSI). 

 

In the past one year, EPL shares have gained 25.2 per cent against Sensex's rise of 3 per cent.