Outcome of meeting of Independent Directors of the Company approving the recommendation of the Offer Price in the Open Offer.
Price
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The Committee of Independent Directors of Step Two Corporation Ltd met on April 8, 2025, to review and recommend the Open Offer price proposed by acquirer Mr. Anuj Agarwal. The Open Offer is for the acquisition of 14,16,780 equity shares, representing 19.15% of the company's total expanded equity and voting share capital. This follows the Public Announcement dated January 3, 2024, the Detailed Public Statement dated January 10, 2024, and the Letter of Offer dated April 2, 2025. The recommendation was made under Regulation 26(7) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The recommendation will be published in the same newspapers as the earlier Detailed Public Statement, and copies will be sent to SEBI, BSE, Calcutta Stock Exchange, and the Manager to the Open Offer.
Shareholders should review the Independent Directors' recommendation on the Open Offer price to make an informed decision about tendering their shares. The outcome of this Open Offer could lead to a change in the shareholding pattern and potential delisting or change in management control of the company.