Baba Arts: Independent Directors Recommend Open Offer

Bonanza Portfolio Ltd, acting as Manager to the Offer, has submitted the Recommendation of the Committee of Independent Directors (IDC) for Baba Arts Ltd. The open offer, managed by Bonanza Portfolio Ltd and initiated by Acquirer Skybridge Interactive LLP, aims to acquire up to 1,32,92,000 equity shares, representing 25.32% of the target company's capital, at ₹6.00 per share. This offer is in compliance with SEBI (SAST) Regulations, though slightly below the 26% minimum offer size stipulated by Regulation 7, due to restrictions on shares held by public shareholders. The IDC members have confirmed their independence, with one director holding a minor stake.