Disclosure of details of Appointment and Resignation of Directors and KMPs and reclassification of Promoter/Public shareholders pursuant to Open offer
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Kandagiri Spinning Mills has undergone a complete change of control and board overhaul. Following a Share Purchase Agreement signed on 03.02.2025 and the completion of the Open Offer by acquirer Akshayam Creations LLP, the entire existing promoter-linked management has stepped down. Managing Director R. Selvarajan, Non-Executive Directors S. Devarajan and A. Sarayu, Chairman/Independent Director S. Elangovan, and CFO S. Vijay Shankar all resigned on 08.08.2025. In their place, partners of the acquirer LLP have been appointed: S. Sivakumar as Managing Director, Adinarayana Sripathy Kumar as Chairman and Non-Executive Director, Manoj Kumar Maurya as CFO and Additional Director, and CA R. Raveendran as Independent Director. Akshayam Creations LLP has been reclassified as the new Promoter, with 30 former promoters (including a deceased shareholder holding 4.18%) reclassified to Public category.
This is a significant change-of-control event for shareholders — a new promoter group (Akshayam Creations LLP) now owns and runs the company, replacing the founding promoter family. Investors should expect shifts in business strategy and direction, as the new leadership brings experience in jewellery, real estate, and garment trading rather than just textiles. Short-term stock volatility is possible as the market digests the new management.