Key Quantitative Figures
- Offer Size: 26,98,298 fully paid-up equity shares
- Face Value: ₹5 per share
- Offer Price: ₹8.50 per equity share
- Total Offer Value: ₹2,29,35,533
- Percentage of Voting Capital: 26% of voting share capital
Share Capital Details
- Total Issued Capital: 2,02,80,000 equity shares (includes 99,01,931 partly paid-up shares)
- Forfeited Shares: 99,01,931 partly paid-up equity shares (approved for forfeiture via board resolution dated January 09, 2026)
- Current Voting Capital: 1,03,78,069 fully paid-up equity shares
- Corporate Action Status: Forfeiture process still underway as of June 08, 2026
Independent Directors' Committee
Committee Members:
- Mr. Suresh Rajasekar (DIN: 07706731) - Chairperson
- Mr. Syed Munnawar Hussain (DIN: 07939900) - Member
- Mr. Velli Paramasivam (DIN: 09766538) - Member
Key Recommendations:
- Offer price of ₹8.50 per share complies with SEBI SAST Regulations parameters
- Offer is fair and reasonable under SEBI regulations
- Note that current market price on BSE is higher than offer price
- Advise shareholders to independently evaluate the offer versus current market price
Publication Details
The recommendation was published in the following newspapers on June 08, 2026:
1. Financial Express (English - All editions)
2. Jansatta (Hindi - All editions)
3. Makkal Kural (Tamil - Chennai edition)
4. Mumbai Lakshadeep (Marathi - Mumbai edition)
Additional Documents
- Copy of independent directors' recommendation enclosed with filing
- Letter of Offer dated June 02, 2026 referenced
- Public Announcement dated February 24, 2026 referenced
- Detailed Public Statement dated March 02, 2026 referenced
Financial Impact
The open offer represents a potential inflow of ₹2.29 crore to selling shareholders if fully subscribed. The company has already approved forfeiture of 99.01 lakh partly paid-up shares, which will reduce the total outstanding shares once the corporate action is completed.
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