Managing Director Vijay Shah said that the delisting price of Rs 100 is a fair value for providing exit route to shareholders.
Delisting will allow us to deleverage
Vijay Shah
MD
Piramal Glass
In a bid to reorganise operations and improve performance, Piramal Glass has announced its plans to delist. Managing Director Vijay Shah told CNBC-TV18 in an interview that the delisting offer by the promoter is at an indicative price of Rs 100/share.
Promoters hold 74 percent stake in the company and are confident about the company's business, he said.
Further, he said that the delisting price of Rs 100 is a fair value for providing exit route to shareholders and 2/3rd of minority shareholders are in the favor of delisting.
The company's debt equity ratio currently stands at 3:2.
Piramal Glass, a part of the Piramal Group, manufacturers of glass packaging solutions for the pharmaceuticals, foods and beverages and cosmetics and perfumery industries.
Also Read: Piramal Ent buys 20% in Shriram Capital for Rs 2,014 cr
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Piramal Glass stock price
On April 29, 2014, at 11:09 hrs Piramal Glass was quoting at Rs 113.50, up Rs 1.05, or 0.93 percent. The 52-week high of the share was Rs 115.00 and the 52-week low was Rs 67.50.
The company's trailing 12-month (TTM) EPS was at Rs 3.48 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 32.61. The latest book value of the company is Rs 59.25 per share. At current value, the price-to-book value of the company is 1.92.
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