Swaraj Shares and Securities Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Recommendations of the Committee of Independent Directors (''IDC'') in relation to the Open ....
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Mr. Parmanand Chand (the Acquirer) has made an Open Offer to buy up to 19,44,306 shares of PFL Infotech Ltd, representing 26% of the voting share capital, from public shareholders at ₹2.00 per share, for a maximum total consideration of ₹38.88 lakh. This offer follows a Share Purchase Agreement dated December 2, 2024, under which the Acquirer is separately buying 4,85,730 shares (6.50%) from the existing promoter shareholders at the same ₹2.00 price. The Committee of Independent Directors of PFL Infotech, comprising Sujana Kadiam and Abhinandan Jain, has reviewed all offer documents and unanimously recommended the offer as fair and reasonable, in line with SEBI Takeover Regulations. The IDC has advised public shareholders to independently review the Letter of Offer and market performance before deciding.
Public shareholders now have a window to tender shares at ₹2.00 each in cash; the IDC's fairness opinion removes a key regulatory uncertainty but investors should compare this price against prevailing market levels before tendering.