An investment entity of Sequoia Capital has acquired a little over 7% stake in Hindusthan National Glass & Industries, the country’s largest glass container maker, for around Rs 127 crore (~$27 million) partly from the Somany family who are the promoters of the firm. The transaction comes at a time when Somanys are reportedly looking to buy out Ajay Piramal group firm Piramal Glass.
The promoter group entities sold over 4% of their total shareholding of around 74% in open market transactions on Tuesday, when Ironwood Investment Holdings, an investment entity of Sequoia, picked a significant stake.
As of March 31, 2010, the promoters owned 74% of the equity with one individual investor Dilip Damle holding as much as 20% stake in the firm. Damle is believed to be a representing Ace Trust and HNG Trust as their trustees and does not own the shares himself. Incidentally, HNG Trust sold around 3% stake of the firm yesterday.
For the year ended March’10, Hindusthan National Glass had revenues of Rs 1,383 crore with net profit of Rs 154 crore.
Two months back, Sequoia had increased exposure in General Atlantic-backed Infotech Enterprises by purchasing shares in the secondary market worth Rs 12.5 crore (~0.5%) through the same investment entity Ironwood Investment that had earlier bought around 1% in September-December 2009 quarter (estimated at around Rs 15-20 crore).
Leave Your Comment
5 years ago
Turkish glass maker Trakya Cam Sanayii A.S. has bought 50 per cent stake in...
6 years ago
Kolkata-based glass manufacturing company Hindusthan National Glass and...
2 years ago
Sequoia Capital-backed Hindusthan National Glass & Industries Ltd is selling...