Borosil invests ~Rs20cr to increase stake in Klass Pack to 82.49%; Stock under pressure

4 Jan 2022 , 12:12 PM

Klass Pack Limited (Klass Pack), a subsidiary of Borosil Limited, has allotted 2,36,211 equity shares of the face value of Rs100/- each at a premium of Rs746.70 per equity share for cash for the total consideration of Rs19,99,99,853.70, to the company through the rights issue. Pursuant to this, the holding of the Company in Klass Pack has increased from 79.53% to 82.49% of the equity share capital of Klass Pack.

“Klass Pack is engaged in the business of manufacturing and supply of pharmaceutical vials and ampoules which caters to the glass primary packaging needs of pharmaceutical companies. Klass Pack will utilize these funds for expansion of its production capacity for its existing products,” company said in a filing on Monday.

At around 12.16 pm, Borosil Limited was trading at Rs410.00 per piece down Rs7.05 down 1.69% on the BSE.