Disclosure regarding Promoters Share Transfer to Acquirer and Corrigendum to DPS - Open Offer Updates
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The promoters 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 (the Acquirer) at Rs 16 per share through an off-market transfer on 24.04.2025. This follows the Share Purchase Agreement signed on 03.02.2025 and SEBI's final observations on the draft letter of offer dated 17.04.2025. The transfer was done by 18 promoter/promoter group shareholders, led by R Selvarajan (20.23%) and S Vijay Shankar (10.64%). Additionally, a corrigendum to the Detailed Public Statement (DPS) of the Open Offer has been published in newspapers in compliance with SEBI regulations. Systematix Corporate Services Limited is the Manager to the Open Offer.
This is a significant change in control event for Kandagiri Spinning Mills, with the acquirer set to take over 60.31% of the company from promoters. Shareholders should watch for the Open Offer details (likely at Rs 16 or higher as per SEBI norms), which provides an exit opportunity. The acquisition may lead to changes in management and business direction.