STGL IDC Recommends Open Offer at ₹66/Share as Fair & Reasonable
The Committee of Independent Directors (IDC) of Switching Technologies Gunther Ltd (STGL) has recommended the Open Offer by BBU Enterprises Private Limited, Touristas Horizons Private Limited, and Mr. Nikhil Pujari as fair and reasonable. The offer aims to acquire up to 6,37,000 equity shares, representing 26% of STGL's emerging share capital, at an offer price of INR 66.00 per share. The IDC's review found the offer price compliant with SEBI SAST Regulations, noting it is higher than the calculated price of INR 65.22 per share and the negotiated Share Purchase Agreement price of INR 30.00 per share. The IDC members confirmed no conflicts of interest or trading in STGL shares during relevant periods. Public shareholders are advised to conduct their own evaluation.
Key Highlights
- IDC recommends STGL's Open Offer as fair and reasonable.
- Acquirers propose to buy 26% stake (6,37,000 shares) at ₹66 per share.
- Offer price exceeds SEBI SAST calculated price of ₹65.22.
- Offer price is significantly higher than the SPA price of ₹30.00.
- Independent Directors have no relationship with the acquirers.