W.H. Brady & Company Limited, Shivum Holdings Pvt Ltd, Pavan Morarka, Vaibhav Morarka and Rachna Morarka cancelled the acquisition of remaining 26.25% stake in Brady & Morris Engineering Company Limited from the public shareholders.
September 28, 2020
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W.H. Brady & Company Limited (BSE:501391), Shivum Holdings Pvt Ltd, Pavan Morarka, Vaibhav Morarka and Rachna Morarka made an offer to acquire remaining 26.25% stake in Brady & Morris Engineering Company Limited (BSE:505690) from the public shareholders for INR 47.3 million on July 6, 2020. As per terms of the transaction, 0.59 million shares will be acquired at INR 80 per share. Upon completion, Brady & Morris Engineering Company Limited will be delisted from BSE Limited. The transaction is subject to approval from the shareholders of Brady & Morris Engineering Company Limited, stock exchanges or any other regulatory or statutory authorities, as may be required, minimum number of 90% equity shares being tendered for delisting. The Board of Directors of W.H. Brady & Company Limited and Brady & Morris Engineering Company approved the transaction on July 9, 2020. INR 36.5 million deposited into Escrow bank. On September 11, 2020, BSE approved the offer. The transaction is approved by shareholders of Brady & Morris. As of September 21, 2020, an offer for Voluntary Delisting of Equity Shares is made by Shivum Holdings Private Limited. Atul Chokshi of Kunvarji Finstock Private Ltd. acted as due diligence provider and manager and Jibu John of Bigshare Services Private Limited acted as registrar to W.H. Brady, Shivum Holdings Pvt Ltd, Pavan Morarka, Vaibhav Morarka and Rachna Morarka.
W.H. Brady & Company Limited (BSE:501391), Shivum Holdings Pvt Ltd, Pavan Morarka, Vaibhav Morarka and Rachna Morarka cancelled the acquisition of remaining 26.25% stake in Brady & Morris Engineering Company Limited (BSE:505690) from the public shareholders on September 29, 2020. The discovered price for the delisting offer is INR 750 per equity share. Shivum Holdings Private Limited along with W H Brady & Co. Limited (in capacity as a person acting in concert with the acquirer)("PAC'') have decided to reject the Discovered Price and have further decided not make a counter offer in terms of Regulation 16(1A) of the Delisting Regulations.
W. H. Brady & Company Limited is an India-based company engaged in the business of trading of material handling equipment, aviation support services, general engineering items and renting of space buildings. The Companyâs segments include Rental, Trading, Manufacturing and Entertainment. The Company offers systems and solutions for the aviation and highway sectors in association with global technology companies. The Company provides a range of services, including pre-sales support and due diligence, project management, project execution, logistics and after-sales support. Its products are manufactured by its subsidiary, Brady & Morris engineering Co Ltd., under the brand name MORRIS. The MORRIS brand products include Single Girder Cranes, Double Girder Cranes, Flameproof Cranes, Ropemaster Electric Wire Rope Hoist, Flameproof Electric Wire Rope Hoist, RS Chain Pulley Block, Non-Sparking Geared Travelling Trolley, Geared Travelling Trolley, Non-Sparking Chain Pulley Block, and others.
W.H. Brady & Company Limited, Shivum Holdings Pvt Ltd, Pavan Morarka, Vaibhav Morarka and Rachna Morarka cancelled the acquisition of remaining 26.25% stake in Brady & Morris Engineering Company Limited from the public shareholders.