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Essel Propack Limited, The Blackstone Group L.P. - M&A Call Transcript

Apr 22, 2019 / 01:30PM GMT
Release Date Price: $39.02 (+1.04%)
Amit Dixit
The Blackstone Group L.P. - Senior MD & Head of Private Equity

Good evening, everybody, for joining the call on such a short notice. My name is Amit Dixit, and I'm with Blackstone. And I'm here with Ashok Goel, Chairman and Managing Director of Essel Propack. On this call, I will introduce the transaction, and then I'll pass it on to Ashok. And then after that, we can have some Q&A.

So as you may have seen in the press release, Blackstone is committing up to $460 million to acquire a majority stake in Essel Propack. This is a publicly-listed company, which is owned 57% by the Ashok Goel Trust. So we are acquiring 51% at INR 134 per share. Ashok will be retaining the 6% stake, and then we'll be making a mandatory open offer at INR 139.20 or INR 139.19 is the exact amount at which we are making the mandatory open offer. So overall, the transaction amount comes to about 3,211 crores or about $462 million.

In terms of why are we doing -- why is Blackstone doing this transaction, I think I have 5 key messages. Number one, Essel Propack is a global leader in flexible tube

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