IDC calls Rs. 15 per share open offer for 26% stake fair and reasonable
The Committee of Independent Directors (IDC) of Aar Shyam India Investment Company met on October 14, 2026 on an open offer.
By ScoutQuest · · 2 min read
- Offer Price
- Rs. 15/- per equity share of Rs. 10 each, payable in cash
- Offer Size
- up to 58,43,327 equity shares, or 26% of the emerging paid-up equity share capital
- IDC Recommendation
- price is in line with SEBI SAST Regulations and prima facie fair and reasonable; approved unanimously
What the update says
The Committee of Independent Directors (IDC) of the company met on October 14, 2026 and considered the open offer made by Mr. Radha Krishna Avudari (Acquirer 1), Mrs. Sudha Rani Avudari (Acquirer 2) and Mr. Nagabhyru Srikanth (Acquirer 3) to the public shareholders.
The offer is for acquisition of up to 58,43,327 equity shares of Rs. 10 each, representing 26% of the emerging paid-up equity share capital, at a price of Rs. 15/- per equity share, payable in cash. The offer is made under Regulation 3(1) and Regulation 4 of the SEBI SAST Regulations.
What the independent directors concluded
- The IDC is of the opinion that the open offer is fair and reasonable.
- The offer price of Rs. 15/-, being the highest price among the selected criteria, is in line with the SEBI SAST Regulations and prima facie appears fair and reasonable.
- The recommendation was unanimously approved by the members of the IDC.
Who is on the committee
- Ms. Pooja Manish Pandey, Chairperson of the IDC and Non-Executive Independent Director
- Ms. Saloni Mehra, Member of the IDC and Non-Executive Independent Director
- Ms. Renu Kaur, Member of the IDC and Non-Executive Independent Director
The update states that none of the IDC members holds equity shares in the company, none has any relationship with the other directors, and none has any contract or relationship with the acquirers.
Other details recorded
- The Manager to the Offer is Turnaround Corporate Advisors Private Limited.
- The IDC recommendation will be published in the same newspapers where the Detailed Public Statement was published, on October 15, 2026, namely Financial Express (English, all editions), Jansatta (Hindi, all editions) and Pratahkal (Marathi, Mumbai).
- No independent advisors were appointed (Nil).
- The meeting commenced at 12:30 P.M and concluded at 12:50 P.M.
What shareholders are told
The eligible shareholders are advised to independently evaluate the open offer and the market performance of the scrip, and to take an informed decision about tendering their equity shares in the open offer. The statement of recommendation will be available on the company's website.
Also from Aar Shyam India Investment Company
Board approves allotment of ~1.94 crore shares at Rs. 15 each for share swap and cash
23 Oct 2026
Registrar of Companies approves change of company name to Avudari Engineering Limited
23 Oct 2026
Open offer for acquisition of up to 58,43,327 equity shares, 26% of emerging paid-up capital
15 Oct 2026
More numbers
- Equity shares under the open offer58,43,327
- Share of emerging paid-up equity share capital26%
- Offer price per equity shareRs. 15/-
- Face value per equity shareRs. 10
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