India Cements Capital Limited

Open Offer Details

The open offer is being made by Mr. Sandeep Jain, Mr. Vikas Garg, and Mr. Rahul Nagar (Acquirers) along with Mrs. Neha Agarwal as Person Acting in Concert (PAC) for the acquisition of 56,43,612 equity shares of India Cements Capital Limited, representing 26.00% of the voting share capital.

Offer Terms

  • Offer Price: ₹12 per fully paid-up equity share (face value ₹10 each)
  • Payment Method: Cash
  • Total Shares Offered: 56,43,612 (Fifty-Six Lakhs Forty-Three Thousand Six Hundred Twelve)
  • Percentage of Voting Capital: 26.00%

Manager to the Offer

Fintellectual Corporate Advisors Private Limited (SEBI Registration No.: INM000012944) is serving as Manager to the Offer. Their corporate office is at B-20, Second Floor, Sector 1, Noida, Uttar Pradesh-201301, with contact person Mr. Amit Puri.

Committee of Independent Directors Composition

The IDC consists of:

  • Mrs. Lakshmi Aparna Sreekumar - Independent Non-Executive Director (Chairperson)
  • Mrs. Sandhya Rajan - Independent Non-Executive Director

IDC Relationships and Holdings

None of the IDC members hold any equity shares or other securities in India Cements Capital Limited. They have no relationship with the Target Company beyond their appointment as independent directors. No IDC members have traded in Target Company securities during the 12 months preceding the Public Announcement (July 24, 2026) or between the PA date and this recommendation. None have any contact or relationship with the Acquirers.

IDC Recommendation Evaluation

The IDC reviewed the Public Announcement, Detailed Public Statement, and Letter of Offer submitted by Fintellectual Corporate Advisors. The committee believes the offer price of ₹12 per share is the highest price among selective criteria and is in line with SEBI Takeover Regulations, making it fair and reasonable.

Market Price Comparison

The IDC noted that the closing market price on BSE Limited as of October 21, 2026 was ₹30.60 per equity share, which is higher than the offer price of ₹12.

Shareholder Guidance

The IDC recommends that public shareholders independently evaluate the offer and make informed decisions about tendering their shares. The Target Company has not received any complaints from shareholders regarding the open offer process, valuation price, or valuation method.

Voting and Approval

The recommendations were unanimously approved by all IDC members present at the meeting held on October 22, 2026. No independent advisors were engaged for this evaluation.

Publication Details

The recommendation will be published on October 23, 2026, in the same newspapers where the Detailed Public Statement was published:

  • Financial Express (English - All editions)
  • Jansatta (Hindi - All editions)
  • Pratahkal (Marathi - Mumbai Edition)
  • Makkal Kural (Tamil - Chennai Edition)