Keynote Financial Services Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Draft Letter of Offer for the attention of the Public Shareholders of National Fittings Ltd ("Target ....
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Keynote Financial Services Ltd, acting as Manager to the Open Offer, has submitted the Draft Letter of Offer to BSE for the proposed open offer on National Fittings Limited (BSE: 531289). The offer is triggered by a Share Purchase Agreement signed on May 22, 2025, under which Himgiri Castings Private Limited (Acquirer) along with four PACs — Anil Kumar Agarwal, Babita Agarwal, Arpit Agarwal, and Arushi Agarwal — will buy 30,92,093 shares (34.04% stake) from promoter seller A.V. Palaniswamy at ₹130 per share, totaling about ₹40.20 crore. As per SEBI takeover norms, this triggers a mandatory open offer for an additional 23,61,628 shares (26% stake) from public shareholders at ₹135 per share, with total open offer size of about ₹31.88 crore in cash. The offer window is tentatively July 11–24, 2025, and the acquirer has placed ₹8.51 crore in escrow.
This signals a change in management control of National Fittings Ltd, with Himgiri Castings set to take over from the existing promoter. Public shareholders can choose to tender shares at ₹135 during the offer window or hold; historically, open offer prices often act as a floor for the stock price during the offer period. Shareholders should review the independent directors' recommendation due by July 9, 2025 before deciding.