Comments
Raj Kundra and Shilpa Shetty Kundra have acquired a Kolkata-headquarted, listed but non-operational company Hindusthan Safety Glass Industries Ltd. The celebrity couple disclosed that they intend to make a foray into gems and jewellery business through this entity.
Kundras, who owns minority shareholding in Indian Premier League franchise Rajasthan Royals, bought 51 per cent stake in the shell company from existing promoters and some of its key investors for about Rs 2 crore and has made an open offer to buy another 26 per cent for Rs 95 lakh.
They have also expressed the desire to keep the company listed by retaining their holding at 75 per cent.
Raj has already stepped into the boardroom of the acquired company. Kundras are buying the shares of Hindusthan Safety Glass at Rs 12 a share on a book value of each at Rs 9.42.
A British born Asian, Raj Kundra, claimed to have made his entrepreneurial debut in export of Pashmina shawls to major fashion houses in London in the 1990s. He reportedly has various business interests in India.
Last month, Kundras have placed the draft offer letter to the market regulator Securities and Exchange of Board of India. The offer is likely to open on October 27 and is to close on November 14.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.