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.
The Committee of Independent Directors (IDC) of JMG Corporation has submitted its written reasoned recommendation on the open offer made by Mr. Neerav Bairagi to acquire up to 60,21,053 equity shares (26% of voting share capital) at ₹5.30 per share. The IDC meeting was held on February 12, 2026, and the recommendation was published in Financial Express, Jansatta, and Pratahkal newspapers on February 13, 2026. This filing is made pursuant to Regulation 26(7) of the SEBI Takeover Regulations, 2011. Srujan Alpha Capital Advisors LLP is the manager to the offer.
Shareholders can review the IDC's reasoned recommendation to make an informed decision on whether to tender shares in the open offer at ₹5.30. A 26% acquisition signals a potential change in control, so investors should evaluate the acquirer's plans and the offer price relative to market trading levels before deciding.