Outcome of Meeting of Committee of Independent Directors for Open Offer held on June 04, 2025
Price
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Awaiting price reaction for this filing.
The Committee of Independent Directors of SMT Engineering Ltd (formerly Adarsh Mercantile Ltd, BSE: 538563) met on June 4, 2025, to review an ongoing Open Offer. The offer is by six acquirers — Mr. Ajay Jaiswal, Mr. Vishal Jaiswal, Mr. Ashok Jaiswal, Mrs. Poonam Jaiswal, Mrs. Niharika Jaiswal, and Mrs. Shikha Jaiswal (all appearing to be from the same family group) — to buy up to 42,95,200 equity shares at Rs. 42 per share, representing 26% of the company's equity and voting capital. After reviewing the Public Announcement (Feb 6, 2025), Detailed Public Statement (Feb 8, 2025), and Letter of Offer (May 26, 2025), the committee concluded that the open offer is fair and reasonable for shareholders.
The Independent Directors' favourable recommendation may encourage retail shareholders to tender their shares in the open offer. The Rs. 42 offer price acts as a near-term reference benchmark for the stock price.