Polyplex Corp Promoter Group To Sell Stake To APG Holdco For Rs 1,188.9 Crore
The promoters of leading packaging firm Polyplex Corp. will sell a 24.3% stake to Dubai-based AGP Holdco Ltd. for Rs 1,188.9 crore.
The deal amount has been revised downward from Rs 1,379.47 crore announced in May.
As per the terms of the deal, AGP Holdo will have the right to appoint one director to the board of Polyplex. The director will also be a member of identified board committees. The investor will have similar director appointment rights on the boards of the identified subsidiaries of Polyplex, according to an exchange filing on Tuesday.
AGP Holdco will be able to increase its shareholding in Polyplex, including through a call option for Promoter Group members, for up to a total of 3,79,377 shares of the company.
Following this, the investor will get the right to appoint additional directors on the board, its committees, and the board of directors of an identified subsidiary as well.
Among the promoters selling their stakes are Founder Sanjiv Saraf, Amla Saraf, Sakhi Saraf, Bhilangana Hydro Power Ltd., Utkarsh Trading & Holdings Ltd., Secure Investments Ltd., and Mahalaxmi Trading & Investment Co.
According to the shareholding pattern of Polyplex, the promoters hold a 50.97% stake as of June 2023.
Shares of Polyplex closed 1.42% lower at Rs 1,140.70 apiece ahead of the announcement, compared to a 0.48% decline in the S&P BSE Sensex. The total market cap stands at Rs 3,580.94 crore.
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