Max Ventures and Industries Ltd has sought shareholders' approval for sale of 35.93 per cent stake of its specialty film business to Japan's Toppan Printing.
Max Ventures and Industries in a notice of postal ballot said "consent be accorded to the board for sale, disposal and alienation of approximately 35.93 per cent... Of Max Specialty Films Ltd (MSF), a material unlisted subsidiary of the company... To Toppan Printing Co Ltd".
"... Such shares proposed to be sold by the company, together with the shares proposed to be issued by MSF to Toppan, will constitute 49 per cent of the paid-up equity share capital of MSF."
Earlier this month, the respective boards of Max Speciality Films and Max Ventures and Industries (MaxVIL) approved the induction of Toppan Printing Co Ltd, Japan, as a joint venture partner with 49 per cent in MSF.
As part of the partnership, Toppan will invest approximately Rs 200 crore through a combination of primary and secondary share issuance.
Toppan is a global buyer of BOPP products -- thermoplastic polymer used for packaging, labelling and graphic applications.
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