Greenlam Industries Limited (NSEI:GREENLAM) agreed to acquire the remaining 25.09% stake in HG Industries Limited (BSE:513723) for INR 180 million on June 30, 2022. Greenlam Industries Limited shall issue 1 share for every 2 shares of HG Industries Limited. The scheme is subject to approval by the National Company Law Tribunal, Stock Exchanges, the Securities and Exchange Board of India, shareholders, and other statutory and regulatory authorities.

Srujan Alpha Capital Advisors LLP acted as a financial advisor to Greenlam Industries Limited.