Piramal Glass transfers 22 per cent of shares to Mumbai’s PGP Glass in stock market-boosting transaction

By Hiran H.Senewiratne

Piramal Glass Pvt Ltd, a major shareholder of Piramal Glass Ceylon Plc, transferred 210.9 million or 22 percent of its shares to PGP Glass Pvt Ltd. on July 13, 2021, subject to a mandatory offer made to PGP Glass after the transfer, stock market analysts said, while outlining important CSE developments yesterday.

Piramal Glass Pvt Ltd sold 536,331,880 shares or 56.45 percent of its shares at a price of Rs. 11.60 each in March this year. The total value of this transaction is Rs. 6.22 billion. With this new transfer of shares to PGP Glass, the latter’s stake will increase to 747 million voting shares, which is equivalent to 78.6 per cent out of the total shareholding, analysts said.

PGP Glass Pvt. Ltd. is an unlisted private company in India. It was incorporated on November 6, 2020, and is located in Mumbai City, Maharashtra.

Meanwhile, in the recent right issue that took place at SMB Leasing Plc. on March 31, 2021, a well known business personality, Ravi Wijeratne, had increased his stake in the company to 64 percent from 16.3 percent. Initially he owned 194.9 million shares or 16.3 percent but after purchasing 3.97 billion shares his stakes moved to 64.5 percent. Wijeratne, being the largest shareholder of the company, is liable to make a mandatory offer to shareholders at a share price of 35 cents, stock market analysts said.

Amid those developments, both CSE indices moved upwards. All Share Price Index went up by 48.3 points and S and P SL20 rose by 19.3 points. Turnover stood at Rs 1.94 billion with two major crossings. Those crossings took place in Access Engineering and Lee Hedges. In Access Engineering one million shares crossed for Rs. 23 million, its shares traded at Rs. 23 and Lee Hedges, 300,000 shares crossed for Rs. 21 million, its shares traded at Rs. 70.

In the retail market top five companies that mainly contributed to the turnover were; Sunshine Holdings Rs. 190.5 million (7.58 million shares traded), LOLC Holdings Rs. 141 million (332,000 shares traded), Eden Hotel Rs. 115.7 million (8.2 million shares traded), Expolanka Rs.. 113.4 million (2.1 million shares traded) and Dipped Products Rs 107.2 million (1.9 million shares traded). During the day 114.8 million share volumes changed hands in 23581 transactions.