The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for R Selvarajan & Others
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Awaiting price reaction for this filing.
17 promoter shareholders of Kandagiri Spinning Mills collectively transferred 23,21,501 equity shares, representing 60.31% of the company's total share capital, to Akshayam Creations LLP on 24 April 2025. The transfer was done off-market at Rs 16 per share, pursuant to a Share Purchase Agreement signed on 3 February 2025, after SEBI cleared the draft letter of offer for an open offer on 17 April 2025. Total transaction value works out to roughly Rs 3.71 crore. Post this transfer, the selling promoter group holds 0% in the company, while Akshayam Creations LLP (the acquirer) becomes the controlling shareholder with 60.31%. This effectively marks a complete change of control of the company.
This is a full change-of-control event — the entire existing promoter group has exited and a new controlling entity has come in. Minority shareholders should watch for the mandatory open offer from the acquirer (terms to be in the final letter of offer) for an exit opportunity. Expect heightened price volatility in the short term as the market digests the new ownership structure.