In relation to the captioned subject, we are enclosing herewith the written reasoned recommendation of Committee of Independent Directors approved at its meeting held on Thursday, February ....
Awaiting price reaction for this filing.
JMG Corporation has submitted the written reasoned recommendation of its Committee of Independent Directors (IDC) on an Open Offer made by Mr. Neerav Bairagi to acquire up to 60,21,053 fully paid-up equity shares, representing 26% of the total voting share capital of the company, at a price of ₹5.30 per share (face value ₹2.50). The IDC recommendation was approved at its meeting held on February 12, 2026, and published on February 13, 2026 in Financial Express (English), Jansatta (Hindi – Mumbai and Delhi editions), and Pratahkal (Marathi – Mumbai edition). This filing is made under Regulation 26(7) of the SEBI Takeover Regulations, 2011, with Srujan Alpha Capital Advisors LLP acting as the Manager to the Open Offer.
Shareholders should review the IDC's published recommendation to gauge the fairness of the ₹5.30 per share offer price before deciding to tender or hold their shares. The filing itself is a procedural step in an ongoing open offer and does not by itself change the company's fundamentals or stock price direction.