Systematix Corporate Services Limited ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Public Shareholders of Kandagiri Spinning Mills Ltd ("Target Company").
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Systematix Corporate Services Ltd, the Manager to the Offer, has filed the Letter of Offer with BSE for an open offer to public shareholders of Kandagiri Spinning Mills Ltd, a BSE-listed textile company based in Salem, Tamil Nadu. The mandatory open offer, triggered under SEBI (SAST) Regulations, follows a Share Purchase Agreement dated February 3, 2025, under which Akshayam Creations LLP along with four PACs (Sigamani Sivakumar, Manoj Kumar Maurya, Adinarayana Sripathy Kumar, and Balasubramanian Prabhakaran) will acquire 24,99,509 shares (64.93%) from the existing promoter group at Rs. 16 per share for a total of about Rs. 4 crore. The open offer is for up to 10,00,805 equity shares (26% of voting capital) at Rs. 25 per share in cash. The tendering period will run from May 7, 2025 to May 21, 2025, and the acquisition will lead to a change of control with the Acquirer becoming the new promoter.
Public shareholders can tender their shares at Rs. 25 per share during the May 7-21, 2025 tendering window for cash exit. The transaction will result in a complete change of control and possible change in business direction, board composition, and even the company name, which may affect long-term minority shareholders.