Uniply Industries Limited (BSE:532646) made an offer to acquire an additional 26% stake in UV Boards Limited (BSE:526957) for approximately INR 800 million on August 11, 2017. Under the terms, Uniply will acquire 32.04 million shares (of the enlarged share capital) at INR 25 per share in cash. In a related transaction, Uniply will through preferential allotment subscribe for 44.4 million shares of UV Boards. Uniply Industries Limited has opened an Escrow Account with Axis Bank have deposited INR 200.5 million being more than 25% of the total consideration payable to the shareholders under the Open Offer. The acquisition will be financed by Uniply Industries Limited through internal / personal resources and no borrowings from banks / financial institution is being made. Post completion of the preferential allotment, Uniply will hold 37.1% stake (45.7 million shares) in UV Boards. The Board of Directors of UV Boards has constituted a committee of independent directors namely Subrahmaniya Sivam Ramamurthy, Ramgopal Lakshmi Ratan, Parul Satyan Bhatt and Reena Bathwal to provide recommendation on the open offer. The Offer is not subject to any minimum level of acceptance. The offer period starts from October 11, 2017 to October 26, 2017. As of October 17, 2017, the offer will close now on November 8, 2017. As of October 25, 2017, the offer period begin commenced.

Balakrishnan Iyer of D&A Financial Services (P) Limited acted as manager to the offer for Uniply Industries Limited. Ashok Shetty of Bigshare Services Pvt. Ltd acted as registrar for Uniply Industries Limited. Hiren Kothari acted as buying broker for Uniply Industries. Jeevanjyoti Nayak & Associates acted as fairness opinion provider to the Independent Directors committee of UV Boards Limited.