Independent Directors Committee (IDC) have submitted to BSE recommendations under Regulation 26(7) of SEBI (SAST) Regulations, 2011, for the Open Offer to Public Shareholders of Source ....
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The Committee of Independent Directors (IDC) of Source Industries (India) Ltd has submitted its formal recommendation under Regulation 26(7) of SEBI's Takeover Regulations, 2011, regarding an Open Offer to the company's public shareholders. The recommendation was published on April 8, 2025 in four newspapers — Business Standard (English & Hindi, all editions), Navshakti (Marathi, Mumbai) and Nava Telangana (Telugu, Hyderabad). This is a mandatory procedural step required from the target company's independent directors whenever an open offer is made by an acquirer. The detailed recommendation template attached is largely blank, with no offer price, dates, or key financial terms disclosed in the filing itself.
This is a compliance filing confirming that an open offer for Source Industries is active and that the IDC has formally opined on it — public shareholders should review the newspaper-published recommendation to decide on tendering shares. The absence of key offer details in the filing means investors should refer to the published notice for the offer price, open/close dates, and the IDC's actual recommendation (accept/reject).