Bharat Patel, Amit Patel, Jayanti Gaudani and Ajay Gaudani made an offer to acquire 62.82% stake in Classic Filaments Limited for INR 25.3 million on September 5, 2023. Bharat Patel, Amit Patel, Jayanti Gaudani and Ajay Gaudani made an offer to acquire up to 38,40,530 representing 62.82% stake in Classic Filaments Limited at an offer price of INR 6.6. In a related transaction, Bharat Patel entered into a share purchase agreement to acquire 11.18% stake in Classic Filaments Limited from Ruchir Mittal for INR 2.4 million. This Offer is not subject to any minimum level of acceptance.

The sources of funds for the acquirers are internal accruals and capital infusion. The tender offer period Commencement from November 1 and expiration of tendering period on November 15, 2023. The tender offer period Commencement from December 15 and expiration of tendering period on December 29, 2023.

Fedex Securities Private Limited acted as financial advisor to Bharat Patel, Amit Patel, Jayanti Gaudani and Ajay Gaudani. Skyline Financial Services Pvt. Ltd acted as registrar to Bharat Patel, Amit Patel, Jayanti Gaudani and Ajay Gaudani.