H G Industries Ltd becomes subsidiary of Greenlam Industries Limited

Greenlam Industries Limited ('the Company') has on December 03, 2021) acquired 34,70,566 equity shares representing 74.9% of the total paid-up equity share capital of the Target Company at a price of Rs. 40.10/- per equity share from Mr. Saurabh Mittal, Ms. Parul Mittal, Mr. Shiv Prakash Mittal and S. M. Safeinvest Private Limited (collectively referred to as "Sellers" i.e. shareholders forming part of promoter and promoter group of the Target Company), pursuant to the Share Purchase Agreement ('SPA') executed between the Company and Sellers dated August 28, 2021.

Further, an Open Offer was made for acquisition of the entire public shareholding of HGIL up to 11,62,602 equity shares of HG Industries Limited representing 25.09% of the voting share capital of HGIL at a price of Rs. 41.00/- per equity share in terms of Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 as amended. The Tendering Period for the Open Offer was opened on October 27, 2021 and closed on November 11, 2021. However, none of the public shareholder has tendered Equity Shares in the said Open Offer and consequently, no consideration was required to be paid to the public shareholders of the Target Company.

Consequent to the completion of Open Offer and acquisition of the above mentioned equity shares from the Sellers pursuant to the SPA, the Target Company has become a subsidiary of Greenlam Industries Limited.

Shares of Greenlam Industries Limited was last trading in BSE at Rs. 1480.90 as compared to the previous close of Rs. 1493.65. The total number of shares traded during the day was 21613 in over 167 trades.

The stock hit an intraday high of Rs. 1538.60 and intraday low of 1467.95. The net turnover during the day was Rs. 31890973.00.

Shares of H G Industries LTD. was last trading in BSE at Rs. 43.25 as compared to the previous close of Rs. 41.20. The total number of shares traded during the day was 3645167 in over 169 trades.

The stock hit an intraday high of Rs. 43.25 and intraday low of 40.00. The net turnover during the day was Rs. 146311431.00.

Source : Equity Bulls

Keywords

GreenlamIndustriesLimited INE544R01013 HGIndustriesLTD INE464C01024 Acquisition OpenOffer