IDC recommends open offer for Purple Finance at INR 55 per share

Independent Directors Committee of Purple Finance has recommended the open offer by Allied Commodities Pvt Ltd and Sandeep Jindal along with persons acting in concert. The offer is for up to 1,76,48,152 equity shares (26 percent of voting share capital) at INR 55 per share. The open offer was triggered by the proposed acquisition of a 26 percent stake and consequent control of the company. The IDC reviewed the public announcement, detailed public statement, and letter of offer, and found the price fair and reasonable under SEBI takeover rules. Public shareholders are advised to evaluate the offer independently.