We wish to inform you that the Committee of Independent Directors of the Target Company at its meeting held today i.e. Thursday, February 12, 2026, had discussed, analyzed and reviewed ....
Awaiting price reaction for this filing.
The Committee of Independent Directors (IDC) of JMG Corporation reviewed the Open Offer made by Mr. Neerav Bairagi to acquire up to 60,21,053 equity shares, representing 26% of the voting share capital, at ₹5.30 per share (face value ₹2.50). The offer follows a Share Purchase Agreement signed on December 4, 2025 at ₹4.20 per share, which triggered the open offer under SEBI Takeover Regulations. The 60-day volume-weighted average market price was ₹5.27, rounded up to ₹5.30 as the offer price. The IDC concluded unanimously that the offer price is in line with SEBI norms and is fair and reasonable, while advising shareholders to independently evaluate before deciding.
Shareholders now have an exit opportunity at ₹5.30 per share in cash, which is above the negotiated SPA price of ₹4.20 and broadly in line with recent market trading levels. The acquirer's move signals a change in control of this small BSE-listed company, though the stock may already be pricing in the offer.