“Assuming full acceptance of the Open Offer, the total consideration payable by the Acquirer under the Open Offer at the Offer Price will be Rs4,76,66,682/-. The Equity Shares of the Target Company are listed on BSE Limited and are not frequently traded as per the SEBI (SAST) Regulations.
The Acquirer has appointed DAM Capital Advisors Limited (Formerly IDFC Securities Limited) as the Manager to the Offer,” company said in a regulatory filing on Monday.
The Promoter and Promoter Group of HG Industries Limited intend to sale their entire shareholding of 34,70,966 Equity Shares of Rs5/- each representing 74.91% of the paid-up share capital of the company.
The company stock closed at Rs40.40 per piece up Rs1.90 or 4.94% on the BSE on Monday and was yet to trade on Tuesday.