Please find enclosed herewith copy of recommendation of Committee of Independent Directors for the Open Offer
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Ironwood Education Ltd has submitted the recommendation of its Committee of Independent Directors (IDC) regarding an Open Offer made by four acquirers — Balaji Raghavan, Manojshankar Tripathi, Rushabh Chaubey, and Nitish Nagori. The acquirers are offering to buy up to 33,33,030 equity shares (22.12% of voting capital) from public shareholders at Rs. 36.10 per share, including Rs. 0.10 interest, totaling about Rs. 12.03 crore. The offer price is at par with the negotiated preferential issue price and higher than the 60-day volume-weighted average market price of Rs. 31.91. The IDC, chaired by Rakesh Bhatia, has unanimously deemed the offer fair and reasonable under SEBI SAST Regulations. Saffron Capital Advisors is managing the offer, with the public announcement originally made on December 3, 2024.
Public shareholders now have a defined exit opportunity at Rs. 36.10 per share, which is above recent market trading levels. The IDC's fair-and-reasonable recommendation provides comfort, but shareholders are still advised to weigh the offer against prevailing market price before tendering shares.