The Committee of Independent Directors (IDC) of Sammaan Capital Limited has formally released its recommendations regarding the Open Offer initiated by Avenir Investment RSC Ltd. The committee, after reviewing all relevant documents and financial disclosures, has deemed the offer price of INR 139 per fully-paid equity share and INR 39 per partly paid-up share to be fair and reasonable for the company’s public shareholders.
Committee Findings on Open Offer
Following a thorough review of the Public Announcement, Detailed Public Statement, and the Letter of Offer, the Independent Directors have provided their formal stance on the takeover bid. The committee concluded that the Open Offer for up to 34,17,54,286 equity shares, representing 26.05% of the expanded voting share capital, complies with established market regulations.
Strategic Evaluation and Advice
The committee, chaired by Mr. Subhash Sheoratan Mundra, emphasized that while they find the offer price to be fair, all public shareholders are encouraged to independently evaluate the current market conditions before deciding whether to tender their shares. The recommendation, which was unanimously approved by all members of the IDC, highlights that no committee members have traded in the company’s equity shares during the 12-month period preceding the announcement.
Information for Shareholders
The formal statement of the IDC has been made public in newspapers including the Financial Express, Jansatta, and Navshakti. Shareholders can access the detailed findings and related documentation directly on the company’s official website. The IDC maintains that the provided information is true, accurate, and free from misleading omissions, fulfilling all necessary disclosure requirements for the transaction.
Source: BSE
