The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Akshayam Creations LLP & PACs
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Akshayam Creations LLP, along with its persons acting in concert (PACs), has acquired 23,21,501 equity shares (60.31%) of Kandagiri Spinning Mills Limited from 18 selling promoter shareholders at Rs 16 per share via off-market transfer on April 24, 2025. This follows a Share Purchase Agreement signed on February 3, 2025, and SEBI's final observations on the draft letter of offer for an open offer received on April 17, 2025. Before this acquisition, the acquirer held zero shares; after the deal, it holds a controlling 60.31% stake. One PAC, Mr. Sigamani Sivakumar (existing promoter), sold 2,88,033 shares as part of the same transaction. The total equity share capital of Kandagiri stands at 38,49,250 shares (Rs 3.85 crore).
This is a change-of-control transaction, making Akshayam Creations LLP the new majority owner of Kandagiri Spinning Mills. As per SEBI takeover rules, a mandatory open offer to public shareholders is triggered, and shareholders should watch for the open offer price, size, and timeline. The acquisition price of Rs 16/share may serve as a reference benchmark for the open offer price.