Intimation of constitution of Committee of Independent Directors
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Hypersoft Technologies has formed a committee of independent directors (Mr. Ramesh Babu Kommineni and Mrs. Manjula Aleti) to give reasoned recommendations on an open offer triggered by a preferential share issue. The open offer is for 22,17,160 equity shares — representing 100% of the public shareholding — at ₹11 per share, to be acquired by Mr. Narra Purna Babu (the Acquirer). The offer was triggered under SEBI SAST Regulations 3(2) and 4 because the company is issuing 83,95,000 equity shares to Mr. Narra Purna Babu on a preferential basis. As part of a larger deal, Hypersoft is acquiring 4,80,00,000 shares of NX Global Pte. Ltd. and issuing 1,20,00,000 shares in total to NX Global's shareholders. The committee's recommendations will be published at least two working days before the tendering period begins.
Existing public shareholders of Hypersoft have a clear exit opportunity at ₹11 per share through the open offer. The open offer price will serve as a key reference point for the stock, and the preferential issue also signals a significant change in control and a new business direction through the NX Global acquisition.