Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Post Offer Advertisement to the Equity Shareholders of High Street Filatex Ltd ("Target Company").
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Navigant Corporate Advisors Ltd has submitted a Post Offer Advertisement to BSE regarding the open offer for High Street Filatex Limited (BSE Code: 531301). The open offer by Mr. Sandeep Agrawal and Mrs. Anupriya Sandeep Agrawal was for 10,96,792 equity shares (26% of emerging equity) at Rs. 15 per share, running from April 11 to April 28, 2025, with payment made on May 5, 2025. The offer saw almost no participation from public shareholders — only 21 shares were tendered out of 10,96,792 offered, reducing the actual offer size to a mere Rs. 315 (versus the proposed Rs. 164.52 Lacs). Additionally, the preferential allotment was scaled down to 16,96,430 shares (from the originally approved 35,71,430), with the Acquirers receiving only 6,25,000 shares instead of the planned 25,00,000.
The takeover bid effectively collapsed on the open market — public shareholders showed virtually zero interest at Rs. 15/share. As a result, the Acquirers' post-offer stake stands at only 33.42% (7,83,164 shares) instead of the originally envisioned 89.01%, leaving the Acquirers short of majority control and giving existing public shareholders continued significant influence at 66.58% of the company.