Hindustan National Glass & Industries (HNGIL) has decided to sell 42.6 per cent stake in group company HNG Floatglass Ltd (HNGFL) to a Turkish firm for an undisclosed amount.
The Somany family, the promoters of HNGIL, together with others will thus see a paring of their present 87.6 per cent share in HNGFL to around 45 per cent.
The Somany family holds about 40.2 per cent in HNGFL, HNGIL holds 47.4 per cent and IFC, Washington, around 12.4 per cent. All three continue to remain equity shareholders but with lesser portions.
