Hindusthan National Glass lenders vote in favour of AGI Greenpac's Rs.2,213-Cr offer

Lenders of glass bottle maker Hindusthan National Glass (HNG), undergoing corporate insolvency, voted overwhelmingly for fellow publicly listed and Kolkata-based AGI Greenpac's INR 2,213 crore offer to acquire the company. Rajendra Somany-promoted AGI Greenpac offered INR 1,851 crore upfront and INR 356 crore as deferred payment to lenders; and INR 6 crore payment to employees and trade creditors. AGI Greenpac has tied up INR 1,200 crore with a fund managed by Edelweiss to part-finance the acquisition. Girish Juneja, the resolution professional backed by EY, had admitted INR 3,338 crore claims from financial creditors. AGI Greenpac's offer to financial creditors equates to a recovery of 66%.