Bonanza Portfolio Ltd ("Manager to the Offer") has submitted to BSE a copy of Recommendations of the Committee of Independent Directors (''IDC'') of the Indian Link Chain Manufacturers ....
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Awaiting price reaction for this filing.
An acquirer has triggered an open offer for Indian Link Chain Manufacturers Ltd under SEBI Takeover Regulations, following the signing of a Share Subscription Agreement. The open offer is for up to 7,93,000 equity shares, representing 26.00% of the emerging equity and voting share capital, to be acquired from public shareholders. Bonanza Portfolio Ltd, acting as Manager to the Offer, has submitted the Committee of Independent Directors' (IDC) recommendation on this open offer to BSE. The IDC recommendation was also published in the Financial Express newspaper, as required under Regulation 12(1) of the SEBI (SAST) Regulations, 2011.
Public shareholders of Indian Link Chain Manufacturers should review the IDC recommendation carefully before deciding whether to tender their shares in the open offer. The 26% open offer size is significant and could create trading opportunity and short-term price volatility in the stock.