Public shareholders of HG Industries Ltd (formerly Himalaya Granites Ltd) have declined to tender shares in an open offer by Greenlam Industries Ltd.
Greenlam has acquired 34,70,566 equity shares representing 74.9 per cent of the total paid-up equity share capital of HG Industries Ltd (formerly Himalaya Granites Ltd) at a price of ₹40.10/- per equity share.
The shares have been acquired from Saurabh Mittal, Parul Mittal, Shiv Prakash Mittal and S. M. Safeinvest Private Ltd (collectively promoter and promoter group of HG Industries), pursuant to the Share Purchase Agreement ("SPA") executed on August 28, 2021.
"Further, an Open Offer was made for the acquisition of the entire public shareholding of HGIL up to 11,62,602 equity shares of HG Industries Ltd representing 25.09 per cent of the voting share capital of HGIL at a price of ₹41.00 per equity share in terms of Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 as amended. The Tendering Period for the Open Offer was opened on October 27, 2021 and closed on November 11, 2021. However, none of the public shareholders has tendered equity shares in the Open Offer and consequently, no consideration was required to be paid to the public shareholders," the company said in a stock exchange.
HG Industries has become a subsidiary of Greenlam Industries Ltd.