Mumbai-based Sezal Glass today said its shareholders have approved to sell its float glass business to Saint Gobain Glass India for Rs 686 crore.
The members of the company by way of postal ballot, have passed the resolution for sale, transfer, lease and disposing of architectural glass processing business with requisite majority, Sezal Glass said in a filing to the National Stock Exchange (NSE).
"The company executed a binding business transfer agreement with Saint Gobain Glass India Ltd for the sale of its float glass business undertaking as a going concern on slump sale basis," it added.
The gross consideration for the transaction is Rs 686 crore, on terms and conditions as set out in business transfer agreement, it said.
"The sale of the undertaking by the company to Saint Gobain Glass India Ltd has been approved by the shareholders of the company by postal ballot," it added.
The company's floating glass facility in Jhagadia Industrial Estate in Gujarat has the capacity to produce 550 million tonnes of glass per day.