Disclosure of Recommendations provided by IDC pursuant to reg 26(7) of SEBI (SAST) Regulations, 2011
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Kandagiri Spinning Mills Ltd has published the recommendations of its Committee of Independent Directors (IDC) on the ongoing Open Offer made by acquirer Akshayam Creations LLP. The Open Offer was triggered following a Share Purchase Agreement signed between the company's promoters and the acquirer, with Systematix Corporate Services acting as the manager to the offer. The IDC held its meeting on April 29, 2025, and the recommendations were published on April 30, 2025 in five newspapers including Financial Express (English), Jansatta (Hindi), Mumbai Lakshdeep (Marathi), Madrasmani and Makkal Kural (Tamil). This is a standard regulatory disclosure required under SEBI's Takeover Regulations for shareholders to make an informed decision on whether to tender their shares in the open offer.
Existing shareholders now have access to the IDC's reasoned recommendation on whether to accept or reject the open offer price. This is a procedural step in the takeover process and does not change the offer terms; investors should review the IDC recommendation alongside the offer price before deciding to tender shares.