HLE Engineers Private Limited, Himanshu K. Patel, Nilesh K. Patel, Harsh H. Patel and Aalap N. Patel cancelled the acquisition of 26% stake in Swiss Glasscoat Equipments Limited.
March 06, 2017
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HLE Engineers Private Limited, Himansu K. Patel, Nilesh K. Patel, Harsh H. Patel and Aalap N. Patel made a mandatory offer to acquire 26% stake in Swiss Glasscoat Equipments Limited (BSE:522215) for approximately INR 220 million in cash on October 25, 2016. As part of the offer, HLE Engineers is offering INR 130 per share for 1.69 million Swiss Glasscoat shares. Acquirers have sufficient resources to fund the acquisition. The transaction will be funded by available funds, internal accruals and bank borrowing. The transaction is pursuant to the related share transfer transaction in which, same group of buyers enter into agreement to acquire 27.48% minority stake in Swiss Glasscoat Equipments Limited from a group of sellers for INR 23.21 million on October 25, 2016. The offer is subject to certain conditions set out in the related transaction agreement and is not conditional to any minimum level of acceptance. On February 11, 2017, The Independent committee of Directors have recommended the offer to the shareholders.
The offer will commence on December 16, 2016 and will close on December 29, 2016. Shashi Singhvi and Harish Patel of Vivro financial Services Private Limited acted as manager and Ganesh Mhatre of Link Intime India Pvt. Ltd. acted as registrar to the offer. RBL Bank acted as escrow bank. Pravin Ratilal Share and Stock Brokers Limited acted as broker. RAS & Co acted as accountant for the acquirers. Economic Laws Practice acted as legal advisor for Swiss Glasscoat Equipments. As of February 14, 2017 letter of public offer has been filed. Date of commencement of offer February 21, 2017 and offer closing on March 7, 2017.
HLE Engineers Private Limited, Himanshu K. Patel, Nilesh K. Patel, Harsh H. Patel and Aalap N. Patel cancelled the acquisition of 26% stake in Swiss Glasscoat Equipments Limited (BSE:522215) on March 7, 2017. HLE Engineers Private Limited, Himanshu K. Patel, Nilesh K. Patel, Harsh H. Patel and Aalap N. Patel holds 3.27 million shares representing 50.25% stake in Swiss Glascoat Equipments Limited.
HLE Glascoat Limited is an India-based manufacturer of specialized process equipment for the chemical and pharmaceutical industries. The Companyâs segments include Glass Lined Equipment, Filtration, Drying and Other Equipment, and Heat Exchange Equipment. The Glass Lined Equipment business is engaged in manufacturing carbon steel glass lined equipment, such as reactors, receivers, storage tanks, columns, agitators, valves, pipes and fittings, and other similar equipment, related spares, and accessories. The Filtration, Drying and Other Equipment business is engaged in manufacturing of agitated filters and dryers, rotary vacuum paddle dryers, other chemical process equipment and related spares and accessories. The Companyâs products in the engineering business (filtration and drying equipment and glass-lined equipment) are predominantly used by the manufacturers of active pharma ingredients (API). Its subsidiaries include H L Equipments, Thaletec GmbH, and Thaletec Inc USA.
HLE Engineers Private Limited, Himanshu K. Patel, Nilesh K. Patel, Harsh H. Patel and Aalap N. Patel cancelled the acquisition of 26% stake in Swiss Glasscoat Equipments Limited.
HLE GLASCOAT LIMITED 
