Submission of Copy of Newspaper Advertisment for Publication of Recommendation of the Committee of Independent Director of the Company on Open Offer
Awaiting price reaction for this filing.
The company informed BSE that it submitted copies of newspaper ads published on January 14, 2026 carrying the recommendations of its Committee of Independent Directors (IDC) on the Open Offer by acquirer Suman Nandi. The offer is to buy up to 17,04,000 fully paid-up equity shares (26% of the company's equity and voting share capital) at Rs. 6.40 per share under SEBI Takeover Regulations, 2011. Ads were published in Financial Express (English), Jansatta and Swadesh (Hindi), and Pratahkaal (Marathi). The IDC, after reviewing the offer documents, concluded that the Rs. 6.40 per share price is fair and reasonable given the shares are infrequently traded. Shareholders have been advised to independently evaluate the offer before deciding whether to tender their shares.
For shareholders, this confirms the IDC views the Rs. 6.40 per share offer price as fair. Investors holding shares may choose to tender them at this price, though the recommendation is to make an independent decision based on the Letter of Offer.