Newspaper ad with IDC recommendations on Open Offer
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Ramgopal Polytex filed newspaper ads publishing Independent Directors Committee recommendations on an Open Offer by Pravin Kumar Shishodiya and Punit Shishodiya. The offer is for up to 37.70 lakh shares (26 percent) at INR 17.10 each. Acquirers also signed an SPA for 45.46 percent stake at INR 9 per share. IDC finds the offer fair and in line with SEBI takeover rules but notes that the current market price has already exceeded the offer price after the public announcement date.
Shareholders should note the offer price is below current market price and are advised to evaluate independently and consider tax advice before deciding.