The promoters of multi-national packaging firm and leading PET film manufacturer have agreed to sell a 24.2 percent stake in the Noida headquartered firm to Dubai-based AGP Holdco Limited for an aggregate consideration of Rs 1379.47 crore.According to the official disclosure to the stock exchanges, the promoters of Polyplex Group and AGP Holdco Limited have signed a binding term sheet and agreed to certain put and call option arrangements, as part of which AGP Holdco has the right to increase its shareholding at a later stage.On April 15, 2021, was the first to report the stake sale plans of the promoters of Polyplex and that investment bank Goldman Sachs had been roped in as an advisor.As per the closing terms of the deal, AGP Holdo Limited will have the right to appoint 1 director on the Board of Polyplex and such director will also be a member of identified Board committees. The Investor will have similar director appointment rights on the Board of the identified subsidiaries of Polyplex.Based on the contours of the minority stake sale, Polyplex Corporation has been valued at around Rs 5,683 crores, which represents a significant premium to the market cap of the firm at the end of trading hours on 23 May – Rs 4,768 crores.According to the shareholding pattern of Polyplex, the promoters hold a 50.97 percent stake. The firm’s overseas investments have been made via a listed subsidiary it owns in Thailand, namely Polyplex Thailand. It also has a subsidiary in Singapore.According to its website, Polyplex has the seventh-largest capacity of polyester (PET) film globally.Its diversified business portfolio also includes BOPP, Blown PP/PE and CPP films produced in state-of-the-art plants with economic size. Integrated downstream capabilities of Metallizing, Holography, Silicone Coating, Offline Chemical Coating, Extrusion Coating and Transfer Metallized Paper deliver further value-added products, its website adds.The firm has a global presence, supplying about 2650+ customers in 75 countries across Europe, the Americas, the Indian sub-continent, Far East, Asia Pacific and the Middle East.