Shilpa Shetty Kundra, husband Raj to buy out ailing Hindustan Safety Glass
06 Sep 2014
Bollywood celebrity Shilpa Shetty Kundra and her husband Raj Kundra have acquired a majority stake in Hindusthan Safety Glass Industries Ltd (HSGIL).
Raj Kundra (Ripu Sudan Kundra) and Shilpa Shetty Kundra said in two separate filings to Bombay Stock Exchange that they picked up a 25.75 per cent stake each in the company on 3 September.
Shares in HSGIL have not traded since 21 February 2014. Its last trading price was Rs10.10 a share.
Meanwhile, in a separate filing, Mark Corporate Advisors Pvt Ltd announced an open offer to acquire 26 per cent in the company to give the celebrity couple complete control of the company.
Under per the open offer announcement, the offer price of Rs12 per fully paid-up equity share of face value of Rs10 each aggregates to a consideration of Rs95.32 lakh.
Hindusthan Safety Glass Industries Ltd was incorporated as on 19 October 1982. as a public limited company and commenced business on 16 November 1982 as per records with the Registrar of Companies Kolkata.
The company is currently engaged in the business of manufacturing and trading of all kinds of articles prepared of glass. The company is also entering into new lines of business, which includes infrastructure to boost the present position of the company in the market.
The company has an authorised share capital of Rs7,000,000 and a paid-up capital of Rs7,000,000.