IDC recommends open offer for Jai Mata Glass at INR 1.85 per share as fair and reasonable

Listed Co AcquisitionOpen Offer TriggeredStrategic Transactions View source PDF Explain this filing

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

-1.9%Reaction day

₹3.19

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announcement price

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Nifty Microcap 250market · in no size index; the smallest one is used-0.6%-1.3% vs market

Other Construction Materials peers, median of 17sector-2.0%+0.1% vs sector

On the reaction day the stock moved 1.3 pts less than Nifty Microcap 250 and 0.1 pts more than its Other Construction Materials peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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Reaction day

-1.9-0.6-1.3-2.0+0.1

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-3.8-0.1-3.7-1.6-2.2

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UpDownMarket · Nifty Microcap 250Sector · Other Construction Materials peers, median of 17Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Acquirers Ashwani Gulati, Kiran Gulati and Veerasha Trust signed an SPA to buy 44.57% (4.45 crore shares) of Jai Mata Glass at INR 1.85 per share, totalling about INR 8.24 crore. This triggered a mandatory open offer for an additional 26% (2.6 crore shares) at the same price of INR 1.85 in cash. The 60-day volume-weighted average market price was INR 1.81. The IDC reviewed the offer documents and found the price justified under SEBI takeover rules.

Likely market impact

Shareholders may tender shares at INR 1.85 cash or hold. Offer price slightly exceeds the 60-day average, offering a small premium to sellers.