HSBC, AZB advise Wendt India exit – Market News

By Nesil Staney

Wendt GMBH, the German parent of Wendt (India), fully exited the business through an offer for sale (OFS) of 37.5% stake, in an oversubscribed deal in May. HSBC Securities and Capital Markets and top law firm AZB Partners assisted the OFS worth Rs 606 crore. The procedures closed last week.

The Wendt share price crashed from a 52-week high of Rs 18,033 to a low of Rs 8,162 after the OFS. The promoter sold 7.5 lakh equity shares. An email reply from HSBC said it cannot reveal the identity of buyers. New shareholding pattern will be visible only from exchange filings at the end of this quarter.

Wendt (India) was a joint venture between Wendt GmbH (a 100% subsidiary of Carl Zeiss Group) and Carborundum Universal (CUMI), a Murugappa Group company.

It is a manufacturer of super abrasive grinding wheels and tools. It was incorporated in 1980. The company specialises in the design, development, manufacture, and supply of high-precision, high-performance customised products primarily using diamond and Cubic Boron Nitride (CBN) technologies.

Wendt (India) got listed on the BSE in 1983. The company serves industries such as automotive, aerospace, engineering, cutting tools, steel and bearing, glass and ceramics.

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