Asahi to take stake in Float Glass

MUMBAI, APRIL 6. Asahi Glass Company of Japan has proposed to acquire 20.29 million equity shares of Floatglass India Ltd. (FIL), representing 26 per cent for Rs. 21.30 crores and six lakh preference shares valued at Rs. 7.44 crores from co-promoters of FIL.

The co-promoters from whom the Japanese glass major is to acquire shares of FIL are Associated Cement Companies (1.014 crore equity shares), Tata Engineering and Locomotive Company (67.62 lakh shares) and Tata International (33.81 lakh shares), Float Glass India said in a notice to the Bombay Stock Exchange today.

The acquisition price for equity and preference shares is Rs. 10.50 per share and Rs. 124 per share respectively, it said.

The six lakh preference shares of FIL represent 5.83 per cent of the company's preference capital. ACC holds five lakh preference shares while Tata International has one lakh shares.On completion of these acquisitions, Asahi Glass would hold 75 per cent of the equity capital of FIL and 100 per cent of the preference capital.

The date of acquisition is April 16 and is by inter se transfer between promoters, the notice said.

- PTI

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