Description

Himgiri Castings Private Limited and PACs announce mandatory open offer to acquire up to 26% stake in National Fittings Limited at INR 135 per share.

Summary

Himgiri Castings Private Limited along with Persons Acting in Concert (PACs) - Mr. Anil Kumar Agarwal, Mrs. Babita Agarwal, Mr. Arpit Agarwal, and Mrs. Arushi Agarwal - have launched a mandatory open offer to acquire up to 23,61,628 equity shares (26% of total paid-up equity capital) of National Fittings Limited at INR 135 per share, pursuant to SEBI (SAST) Regulations 2011.

Key Points

  • Open offer for acquisition of up to 23,61,628 fully paid equity shares (26% stake)
  • Offer price: INR 135 per equity share of face value INR 10 each
  • Mandatory offer under SEBI (SAST) Regulations 3(1) and 4
  • Payment in cash to eligible equity shareholders
  • Unconditional offer with no minimum acceptance level required
  • No differential pricing structure

Regulatory Changes

This is a compliance action under existing SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, triggered by the acquirer’s shareholding crossing regulatory thresholds.

Compliance Requirements

  • Eligible equity shareholders must respond through Form of Acceptance-cum-acknowledgement
  • Those who recently sold shares must transfer the Letter of Offer to their stockbroker
  • Target company compliance with takeover regulations
  • SEBI approval requirements if any statutory approvals become necessary

Important Dates

Specific offer opening and closing dates not mentioned in the provided excerpt. Shareholders advised to consult stockbrokers for timeline details.

Impact Assessment

High impact corporate action that could result in change of control or significant influence over National Fittings Limited. The mandatory nature indicates the acquirer group has already crossed substantial acquisition thresholds, triggering regulatory obligations. Shareholders have opportunity to exit at the offered premium price of INR 135 per share.

Impact Justification

Major corporate action involving mandatory takeover offer affecting 26% of company's equity capital