Meanwhile, the S&P BSE Sensex was up 70.28 points, or 0.18% to 38,715.46.

On the BSE, 75,000 shares were traded in the counter so far compared with average daily volumes of 18,000 shares in the past two weeks. The stock had hit a high of Rs 135.90 and a low of Rs 132 so far during the day. The stock hit a 52-week high of Rs 143.50 on 27 April 2018. The stock hit a 52-week low of Rs 85 on 25 October 2018.

Blackstone announced that private equity funds managed by Blackstone have entered into a definitive agreement with Ashok Goel Trust to purchase a majority stake in Essel Propack ("EPL"), a leading global specialty packaging company and the largest global manufacturer of laminated tubes. Ashok Goel Trust and its affiliates currently hold 57.03% of EPL (as on 31 March 2019). Blackstone will pay a purchase price of Rs 134 per share to acquire a 51% shareholding from Ashok Goel Trust.

As per the Takeover Code in India, this transaction will trigger a mandatory open offer for a purchase of additional 26% stake in the company and the acquiring entity has released a public announcement to the stock exchanges. The open offer price has been fixed at Rs 139.19 per share. Based on the open offer subscription, the purchase price consideration will vary between Rs 2,157 crore and Rs 3,211 crore (or, approximately $310 million - $462 million). Ashok Goel will retain a minority stake in the company. The sale is expected to complete in the coming months, subject to customary closing conditions and approvals.

EPL, founded in 1982, is a global leader in laminated tubes. Through its 20 state of the art facilities across 10 countries, employing over 3,158 people, EPL manufactures 7 billion tubes annually. EPL's clientele includes marquee global brands in the oral care, beauty, cosmetics and pharmaceutical industries. Increasing presence in emerging markets and further penetration in the fast growing beauty, cosmetics and pharmaceutical segments is expected to accelerate growth going forward.

On a consolidated basis, net profit of Essel Propack rose 13.54% to Rs 45.45 crore on 16.70% rise in net sales to Rs 694.43 crore in Q3 December 2018 over Q3 December 2017.