HG Industries, formerly known as Himalayan Granites, which had closed on Friday at Rs.43.25, opened itself today at its 5% UC of the day at Rs.45.40. Its 52-week high is at Rs.101.40.
Recently, Greenlam acquired almost 35 lakh shares or 74.9% equity share capital of HG Industries at Rs.40.10/share. This was acquired from Saurabh Mittal, Parul Mittal, Shiv Prakash Mittal and S. M. Safeinvest Private Limited (forming part of promoter and promoter group of HG Industries).
Following this, an Open Offer was made for the acquisition of the entire public shareholding of HG, 25.09% stake at a slightly higher price of Rs.41.
However, none of the public shareholder tendered Equity Shares in the said Offer (between October 27 and November 11) and consequently, no consideration was required to be paid to the public shareholders of the HG Industries.
With this now, HG Industries has become a subsidiary of Greenlam Industries.