Disclosure of share transfer (first tranche) by Promoter Shareholders to Acquirer ("Akshayam Creations LLP") in accordance with terms of SPA executed between them
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Promoter shareholders of Kandagiri Spinning Mills have transferred the first tranche of 23,21,501 equity shares (60.31% of total share capital) to Akshayam Creations LLP at Rs 16 per share via off-market transfer on 24 April 2025. This is part of a Share Purchase Agreement signed on 3 February 2025, following SEBI's final observations on the draft letter of offer on 17 April 2025. The 18 selling promoter shareholders collectively represent the entire promoter group being divested. A corrigendum to the Detailed Public Statement was also issued on 25 April 2025. Systematix Corporate Services is acting as Manager to the Open Offer under SEBI (SAST) Regulations, 2011.
A change of control is underway, with Akshayam Creations LLP becoming the new promoter of this spinning mills company. Retail shareholders should expect a mandatory open offer to be launched at the same Rs 16 per share price, allowing them to exit if they wish.