Murtuza S. Mewawala, Shabeena M. Mewawala, Hasanain S. Mewawala, Sajeda H. Mewawala and Shahida S. Mewawala made an open offer to acquire an additional 26% stake in Expo Gas Containers Ltd for INR 41.6 million.
January 19, 2017
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Murtuza S. Mewawala, Shabeena M. Mewawala, Hasanain S. Mewawala, Sajeda H. Mewawala and Shahida S. Mewawala made an open offer to acquire an additional 26% stake in Expo Gas Containers Ltd (BSE:526614) for INR 41.6 million on January 20, 2017. Under the terms, the buyers will acquire 4.95 million shares of Expo Gas Containers Ltd for INR 8.4 per share, financing the acquisition through internal resources. As of January 20, 2017, the buyers hold 6.12 million shares of Expo Gas Containers Ltd. The buyers shall complete all procedures relating to the Open Offer including payment of consideration to the shareholders whose shares are accepted in the open offer within ten working days from the last date of the tendering period. The offer is not subject to any minimum level of acceptance but, is subject to receipt of the requisite Reserve Bank of India's approvals. The offer is tentatively scheduled to open on March 17, 2017 and close on March 31, 2017. On May 3, 2017, the offer is tentatively schedule revised to open on May 11, 2017 and close on May 24, 2017. Deepak Biyani of Aryaman Financial Services Limited acted as manager to the offer and Adroit Corporate Services Pvt. Ltd. acted as a registrar to the offer. Surendera Gawade and Sandeep Holam of Adroit Corporate Services Pvt. Ltd acted as registrar to the offer.
Expo Gas Containers Limited is an India-based integrated engineering and construction company. The Company is engaged in manufacturing of pressure vessels, columns and towers. It is also involved in site engineering projects. The Company manufactures a range of process plant equipment, such as coded pressure vessels, deaerators, distillation columns, towers, reactors, heat exchangers, liquefiable gas cylinders, among others. The Company also undertakes turnkey projects to construct fixed and floating roof tanks, mounded storage tanks, Horton spheres, cryogenic tanks across-country and in- plant piping. The Company offers a range of services, which includes heat exchangers, columns, installation of column trays and internals, and piping-inside battery limits. The Company serves various industries, which include the oil, gas, petrochemical and fertilizer and steel industries. Its manufacturing facilities are located at Murbad, near Mumbai.
Murtuza S. Mewawala, Shabeena M. Mewawala, Hasanain S. Mewawala, Sajeda H. Mewawala and Shahida S. Mewawala made an open offer to acquire an additional 26% stake in Expo Gas Containers Ltd for INR 41.6 million.