McNally signed the memorandum of understanding to acquire the shares at Rs 221.60 a share. According to the provisions of the Securities and exchange Board of India (Sebi) takeover code, McNally would make an open offer for another 20 per cent.
Deepak Khaitan, chairman, McNally Bharat Engineering said, during the financial year, Sayaji is expected to achieve a topline of Rs 62-63 crore with a EBIDTA of around 20 per cent and profit before tax of around 17 per cent.
Sayaji with its plant located in Vadodara, Gujarat and represented by its eight marketing offices across the country is currently engaged in manufacturing wide range of equipment used in crushing, grinding, screening, road making, construction and material handling equipment, customised equipment for steel, cement, power and coal plants and complex turnkey projects.
McNally as part of its corporate strategy and aggressive growth plan has set an ambitious growth target for its equipment business. Khaitan said, the company would look for further acquisitions mostly for technology.
