Independent Directors' Committee recommendation on open offer for 12,22,000 shares published

The Committee of Independent Directors has given its recommendation on the open offer to acquire 12,22,000 equity shares of the company.

Mon 28 Sep 2026

Shares sought

12,22,000 equity shares

Voting share capital percentage

26.00%

Offer price per share

₹10

IDC recommendation date

September 26, 2026

Publication date

September 28, 2026

What was shared

The company informed BSE that the Committee of Independent Directors (IDC) has issued its recommendation on the ongoing open offer, as required under Regulation 26(7) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The recommendation is dated September 26, 2026 and was published on September 28, 2026 in the same newspapers that carried the Detailed Public Statement of the open offer.

Where published

• Financial Express (English, all editions)
• Jansatta (Hindi, all editions)
• Mumbai Lakshadeep (Marathi, Mumbai edition)

Offer details as published

• Shares sought under the open offer: 12,22,000 equity shares
• This represents 26.00% of the voting share capital
• Offer price: ₹10 per share, payable in cash

What this means for shareholders

An open offer is a mandatory offer made by an acquirer to buy shares from public shareholders when control or a substantial stake in a listed company changes hands. The IDC is a committee of the company's independent directors whose job is to review the offer and give shareholders a written, reasoned view on whether the offer is fair and reasonable, so that shareholders can decide whether to tender their shares.

This update is a procedural step confirming that the IDC recommendation has been made and published within the timeline set by the takeover regulations. Shareholders wishing to act on the offer should read the full recommendation along with the Letter of Offer and the Detailed Public Statement.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.