EPL Limited

rs,

March 29, 2026 BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001 Scrip Code: 500135 National Stock Exchange of India Limited Exchan

1 billion

der for Emerging Markets • EPL and Indovida have signed definitive agreements to merge forming a $1 billion revenue entity, with a combined valuation of ~$2 billion • This merger will create one of the l

2 billion

efinitive agreements to merge forming a $1 billion revenue entity, with a combined valuation of ~$2 billion • This merger will create one of the largest emerging markets packaging platforms that combines

INR 339

enhances growth potential and improves margin and return metrics • The transaction values EPL at INR 339 per share, 70% higher than Friday’s closing price; Indovida • is valued at a ~35% discount to th

70%

ential and improves margin and return metrics • The transaction values EPL at INR 339 per share, 70% higher than Friday’s closing price; Indovida • is valued at a ~35% discount to the multiple asc

35%

es EPL at INR 339 per share, 70% higher than Friday’s closing price; Indovida • is valued at a ~35% discount to the multiple ascribed to EPL Indorama Ventures will become a co-promoter of the Compan

51.8%

to the multiple ascribed to EPL Indorama Ventures will become a co-promoter of the Company holding 51.8% ownership. Blackstone will own 16.6% stake in the merged entity • Mr. Hemant Bakshi will remain

16.6%

ama Ventures will become a co-promoter of the Company holding 51.8% ownership. Blackstone will own 16.6% stake in the merged entity • Mr. Hemant Bakshi will remain the Group CEO and will lead the merged

1.2 billion

l metrics. The combined platform will have a valuation of ~$2 billion, with EPL being valued at ~$1.2 billion (70% higher than its Friday’s closing price) and Indovida being valued at ~$0.7 billion. This ma

0.7 billion

alued at ~$1.2 billion (70% higher than its Friday’s closing price) and Indovida being valued at ~$0.7 billion. This marks a pivotal step in EPL’s evolution from a single-format flexible packaging leader to a

75%

he merged entity will leverage EPL and Indovida’s industry leading positions in emerging markets (~75% of MergeCo revenue is from emerging markets) and complementary geographical presence to drive high

12.4%

ve from Day 1. 5. Margin Accretive: Strong financial metrics with 2025 EBIT margin expanding from 12.4% for EPL to 13.6% for the merged entity. Similarly, the transaction would be RoCE accretive with 20