Recommendation of Independent Directors Committee for Open Offer by the Acquirer Century 21 Officespace Private Limited along with the PACs
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The Committee of Independent Directors (IDC) of Sayaji Hotels (Indore) Ltd has recommended the open offer made by Century 21 Officespace Private Limited along with three persons acting in concert (Century 21 Town Planners, M.P. Entertainment and Developers, and Print Solutions) as fair and reasonable. The open offer is for the acquisition of up to 7,92,118 fully paid-up equity shares, representing 26% of the company's total equity share capital, from public shareholders at Rs. 1,250 per share. The offer price was determined to be the highest among various benchmarks, including a 52-week VWAP of Rs. 1,193.19 and a 60-day BSE VWAP of Rs. 796.41. The recommendation was unanimously approved on July 18, 2025, and will be published in the same newspapers as the original public announcement.
This is a standard regulatory step in the open offer process following the trigger under SEBI Takeover Regulations. Public shareholders now have a benchmark offer price of Rs. 1,250 per share, which is significantly above the 60-day market average, and may choose to tender their shares if they find the price attractive.