Deep Shailesh Lakhani ("Chairman-IDC") has submitted to BSE a copy of Recommendations of the Committee of Independent Directors ("IDC") on the Open Offer to the Public Shareholders of Swarnsarita ....
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The Committee of Independent Directors (IDC) of Swarnsarita Jewels India has issued its recommendation on the open offer made by the Chordia family and Swarnsarita Jewellers Private Limited (acting as PAC). The offer is to acquire up to 47,94,987 equity shares (22.97% of voting share capital) at a price of ₹32.15 per share. The acquirers are Mahendra Madanlal Chordia, Asha M. Chordia, and Sunny Mahendra Chordia. After reviewing the Public Announcement, Detailed Public Statement, and Letter of Offer, the IDC has stated that the offer price of ₹32.15 is fair and reasonable and in line with SEBI (SAST) Regulations, 2011. The recommendation was unanimously approved on March 28, 2026 and published in Business Standard (English and Hindi) and Navshakti (Marathi).
For public shareholders, this confirms that the independent directors consider the open offer price fair and reasonable, though shareholders are advised to independently evaluate and make informed decisions. The acquirers appear to be the promoter group, suggesting a potential increase in promoter shareholding if the offer is fully subscribed.