Rarever Financial Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Recommendations of the Committee of Independent Directors of Ramchandra Leasing & Finance Ltd ....
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On the reaction day the stock moved 3.4 pts less than Nifty Microcap 250 and 2.4 pts less than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The Committee of Independent Directors (IDC) of Ramchandra Leasing & Finance Ltd has submitted its recommendation on the Open Offer made by Mr. Akhil Mittal and Ms. Pratika Sharma to public shareholders. The offer is for acquiring up to 2,11,02,120 equity shares (26% of the emerging voting share capital) at Rs. 2.26 per share, plus Rs. 0.10 interest per share (total Rs. 2.36 per share). The IDC has reviewed the Public Announcement, Detailed Public Statement, Draft Letter of Offer, and Letter of Offer, and concluded that the offer price is fair, reasonable, and in compliance with SEBI Takeover Code regulations. The offer was delayed due to prior RBI approval, and the acquirers are paying interest for the delay period. No shareholder complaints were received regarding the open offer process or valuation.
This is a procedural recommendation from the independent directors and does not directly impact share price. Shareholders should independently evaluate the offer price of Rs. 2.36 per share before deciding to tender their shares. The IDC's favorable recommendation may encourage participation, but the low offer price relative to typical NBFC valuations suggests shareholders should carefully assess whether to accept.