Kunvarji Finstock Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Recommendation of the Independent Director Committee ("IDC") in relation to the Open Offer ("Offer") to ....
Awaiting price reaction for this filing.
The Independent Director Committee of Avishkar Infra Realty Ltd has reviewed and recommended the open offer made by Mr. Niraj Harsukhlal Sanghavi (acquirer) along with Ms. Nishra Sanghvi, Ms. Naysha Sanghvi and Kenilworth Consultancy Services LLP (PACs) as fair and reasonable. The offer is for acquisition of 58,24,853 equity shares (26% of expanded voting share capital) at Rs. 16 per share in cash, under SEBI SAST Regulation 3(1). The offer price was determined under Regulation 8(2), as the stock is not frequently traded on BSE/MSEI, based on valuation parameters including book value, comparable multiples and EPS. The Public Announcement was made on September 4, 2025, and the Letter of Offer was issued on December 12, 2025.
Public shareholders now have an independent recommendation supporting the offer at Rs. 16 per share. Existing shareholders may choose to tender shares during the open offer window at this price.