Blackstone exits EPL with US$243M stake sale as Quant MF doubles holding

INDIA – Blackstone has exited packaging company EPL Ltd by selling its entire 26.38 percent stake for ₹2,032 crore (US$243 million) through an open market transaction, with Quant Mutual Fund emerging as the largest buyer and increasing its holding to 6.95 percent.

US-based Blackstone, through its affiliate Epsilon Bidco Pte Ltd, offloaded 8,44,79,781 shares at an average price of ₹240.57 (US$2.88) apiece on 1 September 2026. 

The block deal attracted a clutch of domestic mutual funds, insurers, asset managers and foreign investors. 

Quant Mutual Fund Leads Buyer List with ₹345 Crore Acquisition

Quant Mutual Fund emerged as the biggest buyer, picking up more than 1.43 crore shares, or 4.48 percent, in two tranches at ₹240.10-240.93 apiece, with an aggregate transaction value of ₹345 crore (US$4.1 million). 

The purchase lifted Quant’s holding in EPL from 2.47 percent to 6.95 percent. 

Other buyers included mutual funds managed by ICICI Prudential, Edelweiss, Bandhan, 360 One Group and Aditya Birla Sun Life Insurance Company, which together acquired over 1.3 crore shares, representing a 4.07 percent stake, for ₹313 crore (US$3.75 million).

Foreign Investors and Block Deal Details

Canadian Crown corporation Public Sector Pension Investment Board acquired shares worth ₹85 crore (US$1.02 million), while Abu Dhabi Investment Authority bought shares for ₹66 crore (US$790,000). 

A total of 3,37,05,174 shares, amounting to a 10.52 percent stake in EPL, changed hands in identified purchases. 

Epsilon Bidco Pte Ltd was the promoter of packaging company EPL Ltd, formerly known as Essel Propak Ltd, which specializes in laminated tubes and packaging solutions for the oral care, cosmetics, pharmaceutical and food sectors.

Merger Context and Strategic Implications

The stake sale comes amid EPL’s proposed merger with Indovida India Pvt Ltd, a rigid PET packaging platform, announced in March 2026, to create a US$1 billion revenue entity with a combined valuation of US$2 billion. 

Under the proposed merger, Indorama Ventures will become a promoter holding a 51.8 percent stake, while Blackstone is slated to own 16.6 percent in the merged entity. Indorama Ventures had acquired a 24.9 percent stake in EPL in May 2025. 

Shares of EPL Ltd plunged 8.47 percent to close at ₹239.90 (US$2.87) apiece on the NSE following the transaction.

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