Revised Submission of recommendation of Independent Directors of Jolly Plastic Industries Limited with regard of open offer
Price
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Bhaum Digital Ventures Private Limited is making an open offer to acquire 63,237,864 equity shares (26% of expanded voting capital) of Jolly Plastic Industries Limited at ₹10 per share. The Committee of Independent Directors (IDC) has reviewed the Public Announcement, Draft Letter of Offer, and Letter of Offer, and concluded that the offer price of ₹10 per share is fair and reasonable under SEBI (SAST) Regulations. Upon completion, the acquirer will be classified as promoter and existing promoters will seek reclassification as public shareholders. The IDC recommends shareholders independently evaluate the offer and market performance before making decisions.
The open offer represents a change in control scenario where existing public shareholders can tender their shares at the determined price. Upon completion, the acquirer will become the new promoter of the company, triggering reclassification of the existing promoter group.