Classic Filaments Sees 68.51% Stake Sale in Major Overhaul

Introduction to the Ownership Shift

Classic Filaments Limited has undergone a significant change in its ownership structure, as confirmed in a formal intimation to the BSE on March 18, 2026. Four new acquirers have collectively purchased 41,88,549 equity shares, representing a controlling 68.51% stake in the company. This transaction triggers a complete reclassification of the company's promoters under SEBI's Listing Obligations and Disclosure Requirements (LODR) Regulations.

The Acquirers and Sellers

The new promoter group consists of Mr. Sumit Bansal, Mr. Vikkas Bansal, Mr. Tarun Jain, and Mr. Varun Jindal. They entered into share purchase agreements with the four existing promoter shareholders, who have now divested their entire promoter stake. The transaction marks a complete transfer of control and strategic direction to the new leadership.

Breakdown of the Share Transfer

The acquisition involved the transfer of shares from the erstwhile promoters. The details of the stake sale are as follows:

Regulatory Compliance and Timeline

Classic Filaments has adhered to all regulatory requirements for the ownership transition. The consideration payment for the mandatory open offer was completed on March 12, 2026. Following this, a post-offer advertisement was published on March 17, 2026, ensuring full transparency. The company has provided all necessary undertakings to the stock exchange, confirming compliance with the conditions for promoter reclassification. As a result of this process, the former promoters will be moved to the public shareholder category.

Impact on Public Shareholding

Following the transaction, the public shareholding in Classic Filaments Limited now stands at 19,24,800 shares. This constitutes 31.49% of the total paid-up equity share capital, reflecting the new ownership distribution within the company.

A Period of Corporate Restructuring

The ownership change comes after a period of notable corporate and governance adjustments. The company's 35th Annual Report for the financial year 2024-25 detailed several key changes within its leadership and oversight functions. The Board of Directors met nine times during that fiscal year, indicating an active period of decision-making.

Leadership and Directorate Changes

One of the notable developments was the change in designation for Mr. Jayanti Gaudani. Initially appointed as Managing Director, he requested a change to Whole-Time Director, which the board approved on July 30, 2025. However, upon further consideration, the board requested he resume the responsibilities of Managing Director, and his designation was changed back on September 3, 2025, subject to shareholder approval. Additionally, Mr. Amit Patel was appointed as an Additional Director during the year.

Governance and Committee Meetings

The company's Nomination and Remuneration Committee met three times in FY 2024-25 to oversee board composition and performance. The evaluation concluded with overall satisfaction with the performance of all directors and the board as a whole. The company also saw multiple changes in the role of Company Secretary and Compliance Officer, with Ms. Ankita Prasiddha Shroff being reappointed on February 25, 2025, after a brief period of change.

Auditor Appointments

Significant changes were also made to the company's auditors. M/s Lakhankiya & Dosi, LLP were appointed as Statutory Auditors on September 5, 2024, to fill a casual vacancy, with their appointment later confirmed by members through a postal ballot. Their formal appointment for the subsequent term was recommended by the Audit Committee on July 30, 2025. Furthermore, Mr. Sonesh Jain was appointed as the Secretarial Auditor for the company.

Future Outlook

The successful takeover through an open offer and the installation of a new promoter group are expected to introduce fresh perspectives and strategic initiatives. As noted in the 34th Annual Report, the new promoters are anticipated to bring positive changes that could lead to strong growth prospects for Classic Filaments Limited. This major restructuring marks a new chapter for the company, its employees, and its shareholders.