Blackstone exits EPL with ₹2,032 crore stake sale; Quant MF raises holding to 6.95%
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The Blackstone Group has exited EPL Ltd by divesting its entire 26.38% stake in the packaging company for ₹2,032 crore through an open market transaction on Tuesday.
US-based Blackstone, through its affiliate Epsilon Bidco Pte Ltd, offloaded a total of 8,44,79,781 shares, representing a 26.38% stake in Mumbai-based EPL Ltd (formerly Essel Propack), according to the bulk deal data on the NSE.
Epsilon Bidco Pte Ltd was the promoter of packaging company EPL Ltd (formerly Essel Propack Ltd).
The shares were disposed of at an average price of ₹240.57 apiece, taking the combined transaction value to ₹2,032.33 crore.
Meanwhile, the shares were picked up by a clutch of domestic mutual funds, insurers, asset managers, and foreign investors.
A total of 3,37,05,174 shares, amounting to a 10.52% stake in EPL, changed hands in identified purchases.
At the end of the June quarter, Epsilon Bidco Pte Ltd held a 26.38% stake in EPL Ltd, shareholding data showed with the exchange.
Quant Mutual Fund emerged as the biggest buyer in Tuesday's transaction, picking up more than 1.43 crore shares, or 4.48%, in two tranches at ₹240.10-240.93 apiece, taking the aggregate transaction value to ₹345.07 crore.
The purchase has lifted Quant's holding in EPL to 6.95% from 2.47%.
Other buyers included mutual funds managed by ICICI Prudential, Edelweiss, Bandhan, 360 One Group and Aditya Birla Sun Life Insurance Company, which together acquired over 1.3 crore shares, representing a 4.07% stake, for ₹313.34 crore.
Foreign investors also participated in the transaction.
Canadian Crown corporation Public Sector Pension Investment Board acquired shares worth ₹85 crore, while Abu Dhabi Investment Authority bought shares for ₹66 crore.
Details of other buyers of EPL's shares could not be identified on the exchange.
Shares of EPL Ltd plunged 8.47% to close at ₹239.90 apiece on the NSE.
The stake sale comes amid EPL's proposed merger with Indovida India Pvt Ltd, a rigid PET packaging platform, announced in March this year, to create a USD 1 billion revenue entity with a combined valuation of USD 2 billion.
Under the proposed merger, Indorama Ventures will become a promoter holding a 51.8% stake, while Blackstone is slated to own 16.6% in the merged entity.
Indorama Ventures had acquired a 24.9% stake in EPL in May 2025.