Description

Open offer by Mr. Sumit Bansal, Mr. Vikkas Bansal, Mr. Tarun Jain, and Mr. Varun Jindal to acquire up to 15,89,471 equity shares (26%) of Classic Filaments Limited at Rs. 12 per share pursuant to SEBI SAST Regulations.

Summary

Mr. Sumit Bansal, Mr. Vikkas Bansal, Mr. Tarun Jain, and Mr. Varun Jindal (collectively the Acquirers) have launched an open offer to acquire up to 15,89,471 fully paid-up equity shares (26% of total paid-up equity and voting share capital) of Classic Filaments Limited at an offer price of Rs. 12 per equity share, payable in cash. This offer is made pursuant to Regulations 3(1) & 4 of SEBI (SAST) Regulations, 2011 for substantial acquisition of shares/voting rights accompanied with change in control and management of the Target Company.

Key Points

  • Acquirers: Mr. Sumit Bansal, Mr. Vikkas Bansal, Mr. Tarun Jain, and Mr. Varun Jindal
  • Target Company: Classic Filaments Limited (CIN: L17114GJ1990PLC013667)
  • Offer Size: Up to 15,89,471 equity shares representing 26% of total paid-up equity share capital
  • Offer Price: Rs. 12 per equity share (face value Rs. 10 per share)
  • Payment Mode: Cash
  • Regulatory Basis: SEBI (SAST) Regulations 3(1) & 4 for substantial acquisition with change in control
  • Competitive Bid: None
  • Target Company Registered Office: Plot No. 1, Priyanka House, Umiyadham Road, Varachha, Surat- 395006

Regulatory Changes

This open offer triggers change in control and management of Classic Filaments Limited as per SEBI (SAST) Regulations, 2011. The acquisition represents substantial acquisition of shares and voting rights requiring mandatory open offer to public shareholders.

Compliance Requirements

  • Public shareholders must receive Letter of Offer with accompanying Form of Acceptance cum Acknowledgement and Transfer Deed
  • Any upward revision in Offer Price/Offer Size before last working day prior to tendering period commencement must be announced within 2 working days in same newspapers where original Detailed Public Statement (dated October 31, 2025) appeared
  • Revised offer price would apply to all shares validly tendered during entire offer period
  • As on date of Letter of Offer, no regulatory or statutory approvals are pending
  • If additional statutory approvals become applicable before offer completion, offer will be subject to such approvals
  • Shareholders who recently sold equity shares should hand over Letter of Offer and related documents to Stock Exchange member through whom sale was executed

Important Dates

  • Detailed Public Statement Date: October 31, 2025
  • Letter of Offer Date: February 6, 2026
  • Specific tendering period dates to be determined based on revision deadline (last working day before tendering period commencement)

Impact Assessment

Market Impact: High - This represents a significant change in control transaction for Classic Filaments Limited with four acquirers jointly acquiring 26% stake. The mandatory open offer provides exit opportunity to public shareholders at Rs. 12 per share.

Shareholder Impact: Public shareholders have opportunity to tender their shares during the offer period at the stated offer price. Any price revision upward would benefit all tendering shareholders.

Corporate Governance Impact: Change in control and management of the company will occur, potentially affecting strategic direction and operations of Classic Filaments Limited.

Regulatory Impact: Transaction complies with SEBI (SAST) Regulations for substantial acquisitions triggering mandatory open offer obligations.

Impact Justification

Major corporate action involving change in control and management of Classic Filaments Limited with 26% acquisition offer to public shareholders at Rs. 12 per share