Disclosure of Post offer Public Announcement with respect to Open Offer under SEBI (SAST) Regulations, 2011
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Kandagiri Spinning Mills has submitted the Post Offer Public Announcement to BSE, marking the completion of formalities of the Open Offer made by Akshayam Creations LLP (the Acquirer) under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The open offer was for acquisition of 1,000 equity shares from the public shareholders of the company, triggered by a Share Purchase Agreement signed between the company's promoters and the Acquirer. The Manager to the offer was Systematix Corporate Services Limited. The Post Offer PA was published in the same newspapers where the Detailed Public Statement (DPS) was originally published.
The open offer process has been formally completed, meaning the promoter-level share transfer to Akshayam Creations LLP has been concluded. The actual tender offer size of just 1,000 shares is very small relative to typical public holdings, suggesting minimal impact on public shareholders. Shareholders should note the change in controlling entity behind the promoters has now been fully executed.