India-origin entrepreneur Raj Kundra along with his wife and Bollywood actress Shilpa Shetty Kundra are acquiring controlling 51.51 per cent equity stake in public-listed Hindusthan Safety Glass Industries Limited for around Rs 1.89 crore ($0.3 million), as per a stock market disclosure.
Kolkata-based Hindusthan Safety Glass is engaged in the business of manufacturing and trading of articles made of glass. As per its website, it is also entering into new businesses which include infrastructure.
Kundras have entered into a share purchase agreement with present promoters of the firm as also some other public shareholders, which has triggered a mandatory open offer.
The husband-wife duo have made an open offer to buy additional 26 per cent equity stake from public shareholders at a share price of Rs 12 which may cost Rs 95.3 lakh more, if fully subscribed.
Mark Corporate Advisors is the manager to the open offer.
Kundra and Shilpa Shetty also hold a minority stake in Rajasthan Royals, a franchisee of Indian Premier League.
(Edited by Joby Puthuparampil Johnson)
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