Oxford Industries is set to witness a significant ownership change as Mr. Saroj Kumar Choudhury announces a mandatory open offer to acquire additional equity shares following his substantial acquisition from the promoter group. The open offer, managed by Navigant Corporate Advisors Limited, represents a strategic move to comply with SEBI takeover regulations while potentially consolidating control of the textile company.

Open Offer Details

The acquirer has announced an open offer for up to 15,45,271 fully paid-up equity shares of Rs. 10 face value each, constituting 26.00% of Oxford Industries' voting share capital. The offer price has been set at Rs. 5 per share, with the entire consideration to be paid in cash.

Underlying Transaction

The open offer has been triggered by a Share Purchase Agreement dated March 12, 2026, wherein Mr. Choudhury will acquire a substantial stake from the existing promoter group. The transaction involves purchasing 25,97,370 equity shares representing 43.70% of the company's fully paid-up voting equity share capital.

Selling Shareholders

The shares are being acquired from six members of the promoter group, who will completely exit their holdings in the company:

Acquirer Profile and Shareholding Changes

Mr. Saroj Kumar Choudhury, currently the Managing Director of Oxford Industries, holds 1,64,200 equity shares representing 2.76% of the company's paid-up equity share capital. Following the completion of the underlying transaction, his shareholding will increase to 27,61,570 shares, representing 46.46% of the equity capital.

Regulatory Compliance and Timeline

The open offer is being conducted under Regulation 3(1) and 4 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The offer is not conditional upon any minimum level of acceptance and represents a triggered offer rather than a voluntary or competing offer. The detailed public statement containing comprehensive offer terms will be published in newspapers by March 20, 2026.

Oxford Industries Limited, incorporated in 1980 and listed on BSE with scrip code 514414, operates in the textile sector with its registered office located in Mumbai, Maharashtra. The company's shares are classified as infrequently traded on the exchange.

Oxford Industries Limited has successfully concluded its board meeting held on March 6, 2026, with the appointment of Ms. Kattakota Satyabati Devi as Additional Director. The meeting, which was previously scheduled to consider director appointment, resulted in a significant corporate governance development for the Mumbai-based textile company.

Board Meeting Outcome

The board meeting was held on Friday, March 6, 2026, at 4:00 PM at the company's registered office located at 136-B, Ansa Industrial Estate, Saki Vihar Road, Sakinaka, Andheri (East), Mumbai. The meeting commenced at 4:00 PM and concluded at 6:00 PM.

Director Appointment Details

The board has appointed Ms. Kattakota Satyabati Devi (DIN: 11586438) as an Additional Director designated as Executive-Whole-time Director of the company. The appointment is effective from March 6, 2026, for a term of 3 years, extending until March 5, 2029.

Ms. Kattakota Satyabati Devi holds a bachelor's degree and has expertise in the management field. The company has disclosed that she has no relationship with existing directors, ensuring independence in the appointment process.

Regulatory Compliance

The appointment was made in accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company stated that the appointment is intended to meet and comply with provisions of the Companies Act, 2013, and SEBI (LODR) Regulations, 2015.

The board meeting outcome was communicated to BSE Limited, where the company is listed under BSE code 514414. The intimation was digitally signed by Saroj Kumar Choudhury, Managing Director (DIN: 11143083), ensuring proper documentation and regulatory compliance.

Next Steps

The appointment of Ms. Kattakota Satyabati Devi as Additional Director is subject to members' approval in the ensuing Extraordinary General Meeting (EGM). The company will need to convene an EGM to seek shareholder approval for the appointment, as required under corporate governance norms.