Shilpa Shetty, Raj Kundra snap up defunct Hindusthan Safety Glass Industries

MUMBAI: Cinestar-turned-business woman Shilpa Shetty, along with her husband Raj Kundra, has acquired BSE-listed defunct company Hindusthan Safety Glass Industries with an intention to diversify their gems and jewellery business through a listed entity.-

The celebrity couple has acquired 51.51 per cent stake in the Kolkata-based company from the clutch of investors and promoters at an aggregate price of Rs 1.88 crore. The company’s market capitalisation was Rs 3.5 crore on September 11. Company promoters Jagdish Agarwal and his family held only 4 per cent stake as on June 30, 2014.

Kundra and Shetty, in two separate filings to BSE, said they picked up 25.75 per cent stake each in the Kolkata-based company on September 3, and made an open offer through Mark Corporate Advisors to buy 26 per cent of the stake or 7,94,350 shares of Rs 10 each at Rs 12.

"The acquirers intend to build new businesses by diversification into bullion, gems and jewellery or acquisition of companies in such domains with the approval of the shareholders," the Kundras said.