India“s Samcor Glass is undertaking an equity restructuring exercise which will see Samsung Corning Corporation of South Korea increase its holding in the joint venture company, while Corning Incorpo…
India“s Samcor Glass is undertaking an equity restructuring exercise which will see Samsung Corning Corporation of South Korea increase its holding in the joint venture company, while Corning Incorporated of France will bring down its stake marginally. While Samsung Corning“s equity stake will go up from the existing level of 5% to about 7%, Corning Incorporated, France“s holding will be down by about 2% from the existing 40%. The equity restructuring will also see the marginal decrease in the stakes of J P Morgan Corporation of USA and the non-resident Indian in the joint venture. The equity restructuring will, however, result only in a marginal increase in the total foreign equity stake in the joint venture. Post-equity restructuring, foreign and NRI equity will be about 47%. The balance shares are held by Samtel group and its promoter Satish Kaura. The equity restructuring will also result in the total paid up capital of the company increasing by about Rs 4 crore. The paid up capital is set to increase from Rs 80 crore to Rs 84 crore. Samcor Glass manufacturers glass shells, which is subsequently processed into picture tubes for television and cathode ray tube for computer monitors. The company manufactures these glass parts for black and white TVs, colour televisions and display tube. A year ago, the company announced plans to embark on a Rs 615-crore expansion plan to upgrade the existing facility as also to set up fresh capacity to manufacture colour picture tube glass parts. The update and expansion plan would be carried out in two phases.