Bonanza Portfolio Ltd ("Manager to the Offer") has submitted to BSE a copy of Recommendations of the Committee of Independent Directors (''IDC'') of Covidh Technologies Ltd ("Target Company").
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Awaiting price reaction for this filing.
Bonanza Portfolio Ltd, acting as Manager to the Offer, has submitted to BSE the recommendations of the Independent Directors Committee (IDC) of Covidh Technologies Ltd. The filing relates to an open offer triggered under Regulation 3(1) of SEBI (SAST) Regulations, 2011, following the execution of a Share Subscription Agreement. Four acquirers — Ritu Garad, Dhairyasheel Yadav, Nandakumar Kadam, and Archana Lonkar (Acquirers 6 to 9) — are seeking to acquire up to 21,86,333 equity shares, representing 26% of the emerging equity and voting share capital, from public shareholders. The IDC recommendation has been published in Financial Express, Jansatta, Mumbai Lakshadweep, and Sakshyam newspapers across relevant editions.
This confirms an active open offer is underway for Covidh Technologies shareholders, giving public investors an exit window at the offer price. The 26% acquisition size signals a significant change in control or substantial stake build-up, which may affect minority shareholder decisions and stock liquidity.