2/3rd minority shareholders favour delisting Piramal glass

Date: 30 April 2014
Source: www.moneycontrol.com

Date: 30 April 2014

Managing Director Vijay Shah said that the delisting price Rs 100 is a value for providing exit route to shareholders.   In a bid to reorganise operations and improve performance, Piramal Glass has announced its plans to delist.

Managing Director Vijay Shah told CNBC-TV18 in an interview that the delisting offer by the promoter is at an indicative price of Rs 100/share.

Promoters hold 74 percent stake in the company and are confident about the company’s business, he said. Further, he said that the delisting price of Rs 100 is a fair value for providing exit route to shareholders and 2/3rd of minority shareholders are in the favor of delisting. The company’s debt equity ratio currently stands at 3:2. Piramal Glass, a part of the Piramal Group, manufacturers of glass packaging solutions for the pharmaceuticals, foods and beverages and cosmetics and perfumery industries.

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