D & A Financial Services (P) Ltd ("Manager to the Offer") has submitted to BSE a copy of Recommendation of the Committee of Independent Directors (IDC) on the Open Offer to the Shareholders ....
Awaiting price reaction for this filing.
D & A Financial Services, the Manager to the Offer, has submitted to BSE the newspaper advertisements containing the Recommendation of the Committee of Independent Directors (IDC) on the Open Offer for Grand Foundry Limited's shareholders, in compliance with SEBI Takeover Regulations. The open offer is being made by Mr. Rakesh Kumar Bansal and Mr. Gaurav Goyal to acquire up to 79,11,800 equity shares, representing 26% of the emerging share capital, at Rs. 2.00 per share. The IDC, comprising Mr. Rajat Kasliwal (Chairman), Mr. Rahul Bhardawaj, and Mr. Rahul Sharma, has stated that the offer price is fair and reasonable and compliant with SEBI SAST Regulations. The IDC members confirmed they hold no shares in the company and have no relationship with the acquirers beyond standard director duties.
This is a routine regulatory disclosure sharing the IDC's fairness opinion on the open offer price. For shareholders, it means the independent directors have endorsed the Rs. 2.00 per share offer as fair and reasonable, providing them a reference point when deciding to tender or hold their shares.