Description

Mandatory open offer to acquire up to 26% of National Fittings Limited's equity shares at INR 135 per share by Himgiri Castings and associated persons.

Summary

Himgiri Castings Private Limited along with four Persons Acting in Concert (PACs) has launched a mandatory open offer to acquire up to 23,61,628 equity shares (26% of total paid-up equity share capital) of National Fittings Limited at INR 135 per share. This offer is made pursuant to SEBI (SAST) Regulations 2011 following substantial acquisition requirements.

Key Points

  • Open offer for acquisition of up to 23,61,628 fully paid-up equity shares of face value INR 10 each
  • Offer price: INR 135 per equity share, payable in cash
  • Represents 26% of total paid-up equity share capital of National Fittings Limited
  • Mandatory offer under SEBI (SAST) Regulations 3(1) and 4
  • Acquirer: Himgiri Castings Private Limited with 4 PACs (Anil Kumar Agarwal, Babita Agarwal, Arpit Agarwal, Arushi Agarwal)
  • Non-conditional offer with no minimum acceptance level required
  • No differential pricing applicable

Regulatory Changes

This is a compliance action under existing SEBI (SAST) Regulations 2011, not introducing new regulatory changes. The offer follows mandatory requirements when substantial acquisition triggers apply.

Compliance Requirements

  • Target company shareholders must receive Letter of Offer and Form of Acceptance
  • Acquirer and PACs must comply with SEBI (SAST) Regulations disclosure and process requirements
  • No statutory approvals currently required for implementation
  • If statutory approvals become necessary, offer will be subject to receipt of such approvals

Important Dates

Specific offer opening and closing dates not mentioned in the provided excerpt. Full details would be available in complete Letter of Offer document.

Impact Assessment

High impact corporate action involving potential change in control of National Fittings Limited. The 26% acquisition along with existing holdings could significantly alter the company’s ownership structure. Shareholders have opportunity to exit at INR 135 per share. Market participants should monitor for completion of this takeover process and its implications for the target company’s operations and strategic direction.

Impact Justification

Major corporate action involving 26% stake acquisition in a public company requiring mandatory open offer