Keynote Financial Services Ltd ("Manager to the Open Offer") has submitted to BSE a copy Public Announcement under Regulations 3(1) and 4 read with Regulations 13(1), 14 and 15(1) of the ....
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On the reaction day the stock moved 19.2 pts more than Nifty Microcap 250 and 19.6 pts more than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Himgiri Castings Private Limited along with persons acting in concert (Anil Kumar Agarwal, Babita Agarwal, Arpit Agarwal, Arushi Agarwal) has entered into a Share Purchase Agreement dated May 22, 2025, with the existing promoter Ackanaickenpalayam Venkataswamy Palaniswamy to acquire 30,92,093 equity shares (34.04% of voting capital) of National Fittings Ltd at ₹130 per share, aggregating to about ₹40.20 crores. Following this acquisition, a mandatory open offer has been triggered under SEBI (SAST) Regulations to buy up to 23,61,628 shares (26% of voting capital) from public shareholders at ₹135 per share, for a total consideration of about ₹31.88 crores in cash. Post the open offer and the underlying deal, the acquirer and PACs are expected to collectively hold 60.04% of the company, and the existing promoter will cease to be classified as a promoter. The Detailed Public Statement is scheduled to be issued by May 29, 2025.
Existing public shareholders can tender their shares in the open offer at ₹135 per share, which is at a premium to the SPA price of ₹130. The acquisition signals a change in control of the listed company, with the Agarwal family (through Himgiri Castings and PACs) taking over as the new promoter group, which could bring strategic changes but also a shift in management and promoter identity.