Greenlam Industries Limited cancelled the acquisition of 25.1% stake in HG Industries Limited.
November 10, 2021
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Greenlam Industries Limited (BSE:538979) made a mandatory offer to acquire a 25.1% stake in HG Industries Limited (BSE:513723) for INR 47.7 million on August 28, 2021. Under the terms, Offeror will acquire 1.162602 million shares for INR 41 per share in cash. In a related transaction, Greenlam Industries Limited signed an agreement to acquire 74.9% stake in HG Industries Limited from Saurabh Mittal, Parul Mittal, Shiv Prakash Mittal and S M Safeinvest Pvt Ltd for approximately INR 140 million on August 28, 2021. Greenlam Industries Limited has adequate and firm financial resources and made the arrangement of funds for financing the acquisition. Board of Directors of Greenlam approved the transaction. The Open Offer is not conditional upon any minimum level of acceptance. Tender offer will begin on October 22, 2021 and will close on November 8, 2021. As per revised tender offer dates, the tender offer will begin on October 27, 2021 and will end on November 11, 2021.Gunjan Jain, Chandresh Sharma and Sachin K. Chandiwal of DAM Capital Advisors Ltd. acted as financial advisors to Greenlam Industries Limited. Sumeet Deshpande of Link Intime India Pvt. Ltd. acted as registrar to Greenlam Industries Limited.
Greenlam Industries Limited (BSE:538979) cancelled the acquisition of 25.1% stake in HG Industries Limited (BSE:513723) on November 11, 2021. As of November 11, 2021, no shares were tendered.
Greenlam Industries Limited is an India-based company, which is engaged in the business of manufacturing laminates, decorative veneers and allied products through its factories at Behror and Nalagarh. The Company manufactures compact panels, cladding solutions, restroom cubicle / locker solutions, kitchen solutions, decorative veneers, engineered wooden flooring, staircase solutions and engineered wooden door sets, in addition to a range of decorative laminates. It operates through three segments: Laminates & Allied Products, Veneers & Allied Products, and Plywood. Laminate & Allied Products segment is engaged in the business of manufacturing of laminates, compact laminates and other allied products. Veneer & Allied Products is engaged in the business of manufacturing of decorative veneers, engineered wood flooring, engineered door sets and door leaf, and other allied products. The overseas subsidiaries of the Company are mainly engaged in the marketing and distribution of its product.