Greenlam Industries Limited (BSE:538979) executed a share purchase agreement to acquire 74.91% stake in HG Industries Limited (BSE:513723) from Saurabh Mittal, Parul Mittal, Shiv Prakash Mittal and S M Safeinvest Pvt Ltd for approximately INR 140 million on August 28, 2021. Under the agreement, Greenlam Industries will acquire 3.5 million shares in HG Industries Limited at an offer per share of INR 40.11 in cash. Upon completion, the sellers will not own any equity shares in HG Industries Limited. In a related transaction, Greenlam Industries Limited has also made an open offer to acquire remaining 25.09% stake in HG Industries at a price of INR 41 per share on August 28, 2021. Following completion of transaction, HG Industries Limited will become subsidiary of Greenlam Industries. The transaction has been approved by the Board of Greenlam Industries on August 28, 2021.

Greenlam Industries Limited (BSE:538979) completed the acquisition of 74.91% stake in HG Industries Limited (BSE:513723) from Saurabh Mittal, Parul Mittal, Shiv Prakash Mittal and S M Safeinvest Pvt Ltd on December 3, 2021.