The Prompter of the Company Mr A V Palaniswamy entered into a Share Purchase Agreement with Himgiri Castings Private Limited to sell his entire shareholding of 30,92,093 (34.04%) in the ....
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Mr. Ackanaickenpalayam Venkataswamy Palaniswamy, the promoter and non-executive director of National Fittings Limited, has signed a Share Purchase Agreement on May 22, 2025, to sell his entire holding of 30,92,093 equity shares (34.04% of paid-up capital) to Himgiri Castings Pvt Ltd along with four persons acting in concert (Anil Kumar Agarwal, Babita Agarwal, Arpit Agarwal, and Arushi Agarwal). The buyer group currently holds zero shares in the company. Because the deal crosses the SEBI Takeover Code thresholds (Regulations 3(1) and 4), Himgiri Castings and the PACs are required to make a mandatory Open Offer to public shareholders. After completion, the acquirer group will join the promoter and promoter group of the company and will have the right to nominate directors to the board. The transaction is not a related party transaction, no fresh shares are being issued, and the seller and buyer groups are not related to each other or to existing promoter entities.
This is a significant change of control event — the existing promoter is exiting completely and a new promoter group is taking over, which means a mandatory Open Offer will follow at a SEBI-determined price. Shareholders should watch for the Open Offer letter of offer for an exit opportunity and brace for potential board-level and strategic changes once the acquisition closes.