Independent Directors Committee (IDC) have submitted to BSE recommendations under Regulation 26(7) of SEBI (SAST) Regulations, 2011, for the Open Offer to Public Shareholders of Dugar Housing ....
Awaiting price reaction for this filing.
The Independent Directors Committee (IDC) of Dugar Housing Developments Limited has submitted its recommendation on an open offer made by Mr. Vinoth Kumar Mohanadas and Mrs. Suseela Kumarappan to acquire up to 30,94,000 fully paid-up equity shares (31.90% of the fully diluted share capital) at ₹12 per share, under SEBI (SAST) Regulations. The IDC has opined that the offer price is fair and reasonable and is in line with SEBI's prescribed formula, noting that the shares were infrequently traded on the stock exchange as of the public announcement date. However, the IDC has flagged that the current market price of the share is higher than the ₹12 offer price, advising shareholders to independently evaluate before participating. Systematix Corporate Services Limited is the manager to the offer.
Shareholders should note that the offer price of ₹12 is below the current market price, meaning tendering shares in the open offer may not be financially attractive. Investors may be better off selling in the open market if prices remain above ₹12, though the offer does provide a guaranteed exit floor.