HG Industries promoters to sell 25.09% stake through open offer to Greenlam Industries

The company’s promoter and promoter group intend to sell their entire shareholding of 34,70,966 Equity Shares of Rs5/- each representing 74.91% of the paid-up share capital of the company.

Aug 31, 2021 10:08 IST India Infoline News Service

HG Industries Limited promoters have announced Open Offer along with Public Announcement (PA) to the extent of 11,62,602 equity shares constituting 25.09% of the Voting Share Capital of the Target Company (“Offer Size”) of Rs5/- each at an offer price of Rs41 per equity share by Greenlam Industries Limited (Acquirer) pursuant to Share Purchase Agreement dated August 28, 2021, executed by and between the Acquirer and Saurabh Mittal, Parul Mittal, Shiv Prakash Mittal, and S.M. Safeinvest Private Limited.

“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. 

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