The Committee of Independent Directors (IDC) of India Cements Capital Limited has approved its recommendation on the open offer to equity shareholders. This open offer, for the acquisition of 56,43,612 equity shares, represents 26.00% of the company’s voting share capital at an offer price of ₹12 per share. The recommendation will be published on October 23, 2026.
Independent Directors’ Recommendation on Open Offer
The Committee of Independent Directors (IDC) of India Cements Capital Limited has formally approved its recommendation concerning the open offer for the company’s equity shares. This announcement, made on October 22, 2026, follows the IDC’s meeting where they reviewed the terms of the offer.
The open offer, made by Mr. Sandeep Jain, Mr. Vikas Garg, and Mr. Rahul Nagar, along with Mrs. Neha Agarwal (Persons Acting in Concert), aims to acquire 56,43,612 equity shares of India Cements Capital Limited. These shares represent 26.00% of the total voting share capital of the target company. The offer price has been set at ₹12 per fully paid-up equity share, with a face value of ₹10, payable in cash.
Publication of Recommendation
India Cements Capital Limited confirmed that the aforesaid recommendation will be published on October 23, 2026. The publication will appear in the same newspapers where the Detailed Public Statement (DPS) of the open offer was previously advertised. These include the Financial Express (English), Jansatta (Hindi), Pratahkal (Marathi), and Makkal Kural (Tamil).
Fairness and Reasonableness of Offer
The IDC evaluated the Public Announcement and Detailed Public Statement issued by Fintellectual Corporate Advisors Private Limited, the manager to the offer. Based on their review, the IDC members believe the offer is fair and reasonable, and in compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. They noted that the offer price of ₹12 per share is the highest among selective criteria considered.
However, the IDC highlighted that the closing market price of the equity shares on BSE Limited as of October 21, 2026, was ₹30.60 per share, which is significantly higher than the offer price. Shareholders are advised to independently evaluate the offer and make an informed decision.
The recommendations were unanimously approved by the IDC members present at the meeting held on October 22, 2026. The company also confirmed that no complaints have been received from shareholders regarding the open offer process.
Source: BSE
