The Committee of Independent Directors (IDC) for Reliable Ventures India Limited has completed its review of the open offer made by Mr. Chennupati Sarath Kumar, Mr. Vasireddy Sivanag, and Ancla Technology Solutions India Private Limited. In their formal recommendation, the IDC has unanimously deemed the offer price of ₹21.00 per Equity Share to be fair and reasonable, aligning with applicable SEBI regulations. Shareholders are advised to independently evaluate the offer.
Independent Directors Review Open Offer
The Committee of Independent Directors (IDC) of Reliable Ventures India Limited has issued its formal recommendations regarding the open offer for the acquisition of up to 28,63,354 equity shares of the company. The offer, made by Mr. Chennupati Sarath Kumar (Acquirer 1), Mr. Vasireddy Sivanag (Acquirer 2), and Ancla Technology Solutions India Private Limited (Acquirer 3), is priced at ₹21.00 per equity share.
Fairness and Reasonableness of Offer Price
Following a comprehensive review of relevant documents, including the Public Announcement, Detailed Public Statement, and Draft Letter of Offer, the IDC has concluded that the offer price is fair and reasonable. The committee stated that the offer price is in accordance with Regulation 8 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The IDC also confirmed that the target company has received no complaints from shareholders regarding the open offer process or valuation.
Recommendation to Shareholders
The recommendations have been unanimously approved by the IDC members. However, shareholders are advised to independently evaluate the open offer and make an informed decision in their best interests. The IDC members have confirmed they hold no equity shares or other securities in the Target Company or have any contract/relationship with the company or the acquirers, other than their directorship. None of the IDC members have traded in the Target Company’s equity shares since their appointment.
Source: BSE
