Share price of Asahi India Glass gained 4.6 percent intraday Thursday as Japanese promoter is likely to buy controlling stake in the company.
The company’s Japanese promoter Asahi Glass is set to buy controlling stake in Asahi India from its Indian promoters, reported CNBC-TV18.
Japanese promoter is currently holding 22 percent stake in the company and they are going buy over 20 percent equity from Indian promoters.
The said deal is likely to be completed in CY17 and will trigger an open offer for shareholders of Asahi India.
Asahi India is a joint venture between BM Labroo & Associates, Asahi Glass & Maruti Suzuki.
Maruti Suzuki is holding 11 percent stake in Asahi India Glass.
At 11:50 hrs Asahi India Glass was quoting at Rs 420.95, up Rs 5.25, or 1.26 percent on the BSE.Posted by Rakesh Patil