Pristine Glass Private Limited entered into a share purchase agreement to acquire 56.45% stake in Piramal Glass Ceylon PLC (COSE:GLAS.N0000) from Piramal Glass Limited on December 11, 2020. Under the transaction, Pristine Glass will purchase 536.33188 million shares held by Piramal Glass Limited. The consideration for transaction is calculated based on enterprise value of Piramal Glass Ceylon, the indebtedness of Piramal Glass Ceylon, the net debt of Piramal Glass Ceylon and a working capital adjustment to be computed. Effective December 18, 2020, Pristine Glass Private Limited has changed to PGP glass private limited. The completion of transaction is subject to several conditions precedent which must be satisfied.