Greenlam Industries Limited (BSE:538979) made a mandatory offer to acquire a 25.1% stake in HG Industries Limited (BSE:513723) for INR 47.7 million on August 28, 2021. Under the terms, Offeror will acquire 1.162602 million shares for INR 41 per share in cash. In a related transaction, Greenlam Industries Limited signed an agreement to acquire 74.9% stake in HG Industries Limited from Saurabh Mittal, Parul Mittal, Shiv Prakash Mittal and S M Safeinvest Pvt Ltd for approximately INR 140 million on August 28, 2021.

Greenlam Industries Limited has adequate and firm financial resources and made the arrangement of funds for financing the acquisition. Board of Directors of Greenlam approved the transaction. The Open Offer is not conditional upon any minimum level of acceptance.

Tender offer will begin on October 22, 2021 and will close on November 8, 2021. As per revised tender offer dates, the tender offer will begin on October 27, 2021 and will end on November 11, 2021.Gunjan Jain, Chandresh Sharma and Sachin K. Chandiwal of DAM Capital Advisors Ltd. acted as financial advisors to Greenlam Industries Limited. Sumeet Deshpande of Link Intime India Pvt.

Ltd. acted as registrar to Greenlam Industries Limited.