Hindusthan National Glass sells its entire 11.23% stake in HNG Float Glass
Hindusthan National Glass divests its entire 11.23% holding in HNG Float Glass, a joint venture firm with Turkey’s Trakya Cam Sanayii, for Rs129.76 crore
In 2013, the Somany family, the promoters of Hindusthan National Glass, reduced its holding in HNG Float Glass from 87.6% to 45% by bringing in the Turkish company Trakya Cam Sanayii as a JV partner.
Kolkata: Hindusthan National Glass & Industries Ltd on Wednesday said it has entered into a share purchase agreement for divesting its entire 11.23% holding in HNG Float Glass Limited, which was a joint venture company between Hindusthan National Glass and Turkey-based float glass manufacturer Trakya Cam Sanayii A.S. for a consideration of Rs129.76 crore.
In a regulatory filing, Hindusthan National Glass said it has transferred 34.5 million equity shares for $19.2 million. HNG Float Glass has posted a turnover of Rs554.18 crore during 2017-18 with a net worth of Rs421.54 crore as on 31 March.
In 2013, the Somany family, the promoters of Hindusthan National Glass, reduced its holding in HNG Float Glass from 87.6% to 45% by bringing in the Turkish company as a joint venture partner, who picked up similar stake. The remaining 10% was held by the International Finance Corporation. Over the years, however, the shareholding of Hindusthan National Glass in HNG Float Glass was reduced to 11.23%.
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