Piramal Glass Ceylon PLC's largest shareholder Piramal Glass Pvt Ltd has entered into a share purchase agreement to sell its entire stake of 56.45% in the company to Pristine Glass Pvt Ltd.

In a Stock Exchange filing, Piramal Glass Ceylon PLC stated that the Board of Directors of the company has entered into a sale and purchase agreement with, inter alia Piramal Glass Pvt Ltd (seller) and Pristine Glass Pvt Ltd ( purchaser), a company duly incorporated under the laws of India for the sale and purchase of 536,331,880 shares (56.45%) being the entire equity held by the seller in the company.

The consideration for the transaction is to be calculated based on the enterprise value of the company of Indian Rupees 5.166 billion , the indebtedness of the company, the net debt of the company and a working capital adjustment to be computed, as agreed, as of the date of transfer of the glass manufacturing business of the seller in India.