Bharat Patel entered into a share purchase agreement to acquire 11.18% stake in Classic Filaments Limited (BSE:540310) from Ruchir Mittal for INR 2.4 million on September 5, 2023. As part of the acquisition of up to 6,83,350 equity shares representing 11.18% of Classic Filaments at an offer price of INR 3.56 aggregating to a total consideration of INR 2.433 million. In a related transaction, Bharat Patel, Amit Patel, Jayanti Gaudani and Ajay Gaudani made an offer to acquire 62.82% stake in Classic Filaments Limited at an offer price of INR 6.6. As part of the acquisition, Ruchir Mittal will sell all the shares.

Fedex Securities Private Limited acted as financial advisor to Bharat Patel.