VC Corporate Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Public Shareholders of Classic Filaments Ltd ("Target Company").
Awaiting price reaction for this filing.
VC Corporate Advisors, acting as Manager to the Offer, has filed the Letter of Offer with BSE for an Open Offer in Classic Filaments Ltd. The trigger is a Share Purchase Agreement dated October 24, 2025, under which four individual Acquirers — Mr. Sumit Bansal, Mr. Vikkas Bansal, Mr. Tarun Jain, and Mr. Varun Jindal — have already bought 41,88,549 shares (68.51% stake) from the existing promoters (Patel and Gaudani families) at Rs. 10 per share for an aggregate of Rs. 4.19 crore, completing the underlying transaction on December 9, 2025. As a mandatory open offer under SEBI Takeover Regulations, the Acquirers are now offering to buy an additional 15,89,471 shares (26%) from public shareholders at Rs. 12 per share, totaling about Rs. 1.91 crore. The tendering window runs from February 11, 2026 to February 25, 2026. After full acceptance, the Acquirers will hold around 57.78 lakh shares, gaining full management control and becoming the new promoters of the company. The current market price is Rs. 46 per share, well above the offer price of Rs. 12.
This is a change-of-control takeover with the new promoter group set to take over the board and management. The offer price of Rs. 12 is significantly below the prevailing market price of Rs. 46, making the open offer unattractive for tendering shareholders on price alone. Shareholders should weigh continued holding at market levels against any exit at the offer price, and watch for the Independent Directors' recommendation due before the tendering period begins.