IDC calls Rs.12 open offer fair and reasonable, flags BSE closing price of Rs.30.60
Open offer for ~56.44 lakh equity shares = 26.00% of voting share capital.
By ScoutQuest · · 2 min read
- Offer Size
- ~56.44 lakh equity shares = 26.00% of voting share capital
- Offer Price
- Rs.12 per share (face value Rs.10 each), payable in cash
- BSE Closing Price (21.10.2026)
- Rs.30.60 per share, higher than the offer price
The Committee of Independent Directors (IDC) of the target company met on October 22, 2026 and approved its recommendation on the open offer being made to equity shareholders. The recommendation was approved unanimously by the members present.
Who is making the offer
- Acquirers: Mr. Sandeep Jain, Mr. Vikas Garg and Mr. Rahul Nagar
- Person acting in concert: Mrs. Neha Agarwal
- Manager to the offer: Fintellectual Corporate Advisors Private Limited
The offer in numbers
- ~56.44 lakh equity shares of face value Rs.10 each are being acquired
- That works out to 26.00% of the voting share capital
- Offer price is Rs.12 per fully paid-up equity share, payable in cash
- The offer is made under Regulations 3(1) and (4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
What the committee concluded
- It reviewed the Public Announcement, the Detailed Public Statement and the Letter of Offer submitted by the manager to the offer
- It said the offer price of Rs.12 per share, being the highest price among the selective criteria, is in line with the Takeover Regulations and prima facie appears fair and reasonable
- It also confirmed that the company has not received any complaint from shareholders about the open offer process, valuation price or method of valuation
Why the committee asked shareholders to look closer
- The closing market price of the shares on BSE Limited as on 21.10.2026 was Rs.30.60 per equity share, which is higher than the offer price of Rs.12
- Shareholders are advised to independently evaluate the offer and take an informed decision on whether or not to tender their shares
About the committee members
- The IDC comprises Mrs. Lakshmiaparna Sreekumar and Mrs. Sandhya Rajan, both Independent Non-Executive Directors
- Neither holds any equity shares or other securities in the company, and neither has any relationship with the acquirers
- Neither traded in the company's shares in the 12 months before the Public Announcement dated July 24, 2026, nor between that date and this recommendation
Next step
The recommendation is to be published on October 23, 2026 in the same newspapers where the Detailed Public Statement appeared: Financial Express (English, all editions), Jansatta (Hindi, all editions), Pratahkal (Marathi, Mumbai edition) and Makkal Kural (Tamil, Chennai edition).
Also from India Cements Capital
Open offer for up to 56,43,612 shares at ₹12 each, 26% of voting capital
21 Oct 2026
Open offer for 56,43,612 shares (26%) at ₹12; acquirers to buy 50.02% from promoter
21 Oct 2026
RBI Approves Change in Management Control Ahead of Open Offer
30 Sep 2026
More numbers
- Equity shares sought in the open offer56,43,612
- Offer shares as % of voting share capital26.00%
- Offer price per equity shareRs.12/-
- Face value per equity shareRs.10/-
- BSE closing price on 21.10.2026Rs.30.60
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