Shares of Essel Propack fell over 6 percent on Friday after 17.7 percent equity of the company exchanged hands in large block deals in early trade. 5.58 crore shares worth Rs 1,450 crore exchanged hands in multiple blocks on BSE & NSE at an average of Rs 260 per share.

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Media reports also suggested that Blackstone is looking to sell its stake in the firm. The stock fell as much as 6.2 percent to Rs 256 per share on BSE.

As per a report by media house Mint, Blackstone was looking to sell a large chunk of its shareholding in the packaging firm through block trades.

Epsilon Bidco Pte. Ltd, a Blackstone entity owns 75 percent of Essel Propack. It is looking to sell up to 23 percent stake representing around 7.25 crore shares of the company, according to the report.

The sale is expected to fetch Blackstone about Rs 1,850 crore. The floor price has been set at Rs 255 per share. UBS Securities India Pvt. Ltd and Systematix Shares & Stocks are managing the share sale, the report further added.