Dear Sir/ Mam, We are hereby submitting the recommendations of the committee of independent directors in terms of Regulation 26(7) of SEBI (SAST) Regulations, 2011 on the open offer ....
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NDA Securities' Committee of Independent Directors (IDC) has submitted its recommendations on the open offer made by Mr. Ram Gopal Jindal (Acquirer) along with Mr. Gaurav Jindal (PAC). The offer is to acquire 15,46,575 equity shares (26% of paid-up capital) at INR 30.59 per share (inclusive of INR 2.59 interest per share) in cash. This open offer was triggered under SEBI (SAST) Regulations 2011 because the Acquirer had entered into a Share Purchase Agreement on February 01, 2024 to buy 28,85,720 shares (85% of capital) from sellers at INR 28 per share, totaling about INR 8.09 crore. SEBI approvals delayed the process by 338 days, which is why interest is now included in the offer price. The IDC reviewed the offer and found it fair and reasonable, advising shareholders to independently evaluate and seek tax advice.
Shareholders can now consider tendering shares at INR 30.59 each (cash) during the offer window, which is notably above the recent 60-day trading average of INR 17.37. Existing promoters/sellers are exiting the company, signaling a change in control to the Jindal family.