Intimation of Public Announcement for Open Offer
Awaiting price reaction for this filing.
Classic Filaments Ltd (BSE: 540310), a Surat-based textile company, has received a Public Announcement dated 24 October 2025 for an Open Offer under SEBI Takeover Regulations. A group of four buyers — Sumit Bansal, Vikkas Bansal, Tarun Jain and Varun Jindal — have signed a Share Purchase Agreement with the existing promoters (Patel and Gaudani families) to acquire 41,88,549 shares, or 68.51% of the company, for about Rs. 4.19 crore in cash. Following this acquisition of control, they are required to make an open offer to public shareholders for an additional 26% stake (up to 15,89,471 shares) at Rs. 12 per share, taking total open offer outflow to around Rs. 1.91 crore. VC Corporate Advisors is managing the offer. The stock currently trades only on BSE and appears to be a small-cap, likely illiquid counter given the low absolute values involved.
This is a change-of-control event with the existing promoter group exiting completely and a new set of investors taking over. Public shareholders get a chance to exit at Rs. 12/share via the tendering process, though they should evaluate whether the prevailing market price is above or below the offer price. The post-deal promoter structure is fragmented across four individuals, so future direction of the company will depend on their plans.