Prozone Realty Limited has informed the Exchange about Copy of Newspaper Publication
PROZONER · price
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Prozone Realty Limited has submitted to the exchanges copies of newspaper advertisements containing the Committee of Independent Directors' (IDC) reasoned recommendations on the ongoing Open Offer. The Open Offer is from M/s. Apax Trust (acting through its trustee Mr. Nikhil Chaturvedi) and Person Acting in Concert Mr. Nikhil Chaturvedi, for the acquisition of up to 3,96,76,750 equity shares (26% of the equity share capital) at a price of Rs. 25 per share, aggregating to approximately Rs. 99.19 crores, payable in cash. The IDC, comprising Mr. Umesh Kumar (Chairperson), Mrs. Deepa Misra Harris, and Mrs. Dipa Hetal Hakani, met on April 30, 2025 and reviewed the public announcement, detailed public statement, letter of offer dated April 25, 2025, valuation report, and networth certificates. The IDC unanimously concluded that the offer is in line with SEBI (SAST) Regulations and appears fair and reasonable, noting the offer price matches the price paid under the Share Purchase Agreement. The recommendations were published on May 4, 2025 in Financial Express (English, all editions), Jansatta (Hindi, all editions), and Mumbai Lakshwadeep (Marathi, Mumbai edition).
This is a procedural regulatory disclosure required under SEBI takeover rules, not a new corporate action. The IDC's positive endorsement of the Rs. 25 per share offer price lends credibility to Apax Trust's open offer. Shareholders should independently compare the offer price with prevailing market prices and their own cost of acquisition before deciding whether to tender shares.