Independent Directors recommend open offer at Rs 120 per share as fair
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.3 pts less than Nifty Microcap 250 and 0.3 pts more than its Paper & Paper Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
South India Paper Mills filed newspaper ads with the recommendations of its Independent Directors Committee on the open offer made by Nandini Modi and Kirit Modi (along with PACs) for 48.75 lakh equity shares, which is 26 percent of voting capital, at Rs 120 per share in cash, aggregating to Rs 58.5 crore maximum consideration. The IDC unanimously recommends the offer as fair and reasonable under SEBI takeover rules, noting the offer price is above the BSE closing price of Rs 117.55 on 15 Oct 2026. Ads were published in Financial Express, Jansatta, Udaykala and Mumbai Lakshdeep.
Public shareholders get a cash exit at Rs 120 per share, above market price of Rs 117.55. IDC deems the open offer fair and reasonable.