SML Isuzu Limited has informed the Exchange about Newspaper Advertisements - IDC Recommendations on the Open Offer
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Awaiting price reaction for this filing.
SML Isuzu has published newspaper advertisements containing the Committee of Independent Directors' (IDC) recommendations on Mahindra & Mahindra's open offer to acquire up to 37,62,626 equity shares (28% of voting share capital) at INR 1,554.60 per share. The IDC reviewed the offer documents and obtained an independent fairness opinion from SSPA & Co., concluding that the offer price complies with SEBI (SAST) Regulation 8(2) and is fair and reasonable. However, the IDC flagged that the closing market price on 1st August 2025 was INR 3,471.30 on NSE and INR 3,469.40 on BSE — more than double the offer price. Shareholders have been advised to independently evaluate the offer and make an informed decision before tendering shares.
The offer price is roughly 55% below the prevailing market price, making the open offer financially unattractive for most shareholders to tender. This is a regulatory compliance announcement and is unlikely to move the stock price, but it reminds investors that M&M is the acquirer and the mandatory open offer price is well below market value.