Moneycontrol BureauShare price of Borosil Glass Works rose 11.6 percent intraday Monday as it has acquires controlling stake in Klasspack.The company has acquired 60.3 percent stake in Nashik based Klasspack for an undisclosed amount, wherein majority of funds were by way of primary infusion and there was a smaller secondary purchase of shares as well. Klasspack is a leading manufacturer of glass ampoules and tubular glass vials, which are used as a primary packaging materials by the pharmaceuticals company.With this acquisition Klasspack has become a subsidiary of the company.Shreevar Khureka, MD of Borosil said," Our investment will help Klasspack to ramp up facilities and production to give our current pharmaceutical customers a high quality choice for sourcing their pharmaceutical packaging needs."The company's 53rd annual general meeting will be held on August 11, 2016.At 11:31 hrs Borosil Glass Works was quoting at Rs 4,420.05, up Rs 352.55, or 8.67 percent on the BSE.Posted by Rakesh Patil
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