Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Shareholders of High Street Filatex Ltd ("Target Company").
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Navigant Corporate Advisors, as Manager to the Offer, has submitted the Letter of Offer to BSE for a mandatory open offer to shareholders of High Street Filatex Limited (BSE: 531301). Acquirers Mr. Sandeep Agrawal and Mrs. Anupriya Agrawal are offering Rs. 15 per share for up to 10,96,792 equity shares, representing 26% of the company's emerging equity capital. The offer is triggered by a preferential allotment of 25 lakh shares (59.26%) to the acquirers and a Share Purchase Agreement to buy 1,58,143 shares (3.75%) from existing promoters, giving them 89.01% control post-transaction. The open offer window runs from April 11, 2025 to April 28, 2025. The current business of HSFL is manufacturing knitted socks, head bands, and wrist bands; the new owners have indicated plans to diversify into FMCG, food products, beverages, and building materials.
Public shareholders of High Street Filatex can sell their shares at Rs. 15 per share during the tendering window. The change of control and proposed diversification away from the existing socks/yarn business into FMCG and other sectors could change the company's growth trajectory, though execution risk is high given the sharp pivot.