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') of Premier Capital Services ....
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The Committee of Independent Directors (IDC) of Premier Capital Services Ltd has submitted its recommendations on an open offer made by Mr. Hitesh Kothari, Hitesh Kothari HUF, and Hargo Enterprise Pvt Ltd for up to 96,35,840 shares (26% of voting capital) from public shareholders at ₹5.65 per share, aggregating to about ₹5.44 crore. The IDC has reviewed the offer documents and deemed the offer price fair and reasonable in line with SEBI takeover regulations. Importantly, the underlying Share Purchase Agreement (for 33.16% stake from selling promoter Pumarth Infrastructure Pvt Ltd at the same ₹5.65 price) has been terminated by the selling promoter, though acquirers are still obligated to proceed with the open offer. The acquirers are seeking legal opinion on the SPA termination and its impact on the underlying transaction.
Public shareholders now have clarity that the IDC considers the ₹5.65 offer price fair, but the termination of the underlying SPA creates uncertainty about the broader transaction. Shareholders should independently evaluate the offer, recent share price performance, and risk factors mentioned in the Letter of Offer dated August 25, 2025 before deciding to tender shares.