Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Recommendations of the Committee of Independent Directors (IDC) on the Open Offer to the Shareholders ....
Awaiting price reaction for this filing.
Mr. Sachidanand Hariram Upadhyay has made a mandatory open offer to buy up to 2,60,000 equity shares (26% of total share capital) of Lords Mark India Limited at Rs. 30 per share in cash. The offer follows SEBI takeover rules triggered by the acquisition underlying the deal. The Committee of Independent Directors has reviewed the offer and deemed it fair and reasonable, noting that the company has negative book value and negative profitability, the shares are infrequently traded on the stock exchange, and the offer price of Rs. 30 is marginally higher than the independent valuer's assessed fair value of Rs. 29.65. The IDC recommends shareholders accept the offer while also advising them to independently evaluate before deciding.
Shareholders holding Lords Mark India shares have a cash exit opportunity at Rs. 30 per share — just slightly above the independently certified fair value of Rs. 29.65. Given the company's weak financials and infrequent trading volumes, this open offer may be one of the few practical exit routes for existing shareholders. The price is not at a meaningful premium, so shareholders with significantly larger cost bases benefit only modestly.