Grand Foundry: Independent Directors Recommend Open Offer
D & A Financial Services (P) Ltd, acting as the Manager to the Offer, has submitted the Recommendations of the Committee of Independent Directors (IDC) for Grand Foundry Limited's Open Offer to shareholders. The IDC, comprising Ms. Aishwarya Singhvi and Ms. Reena Sharma, unanimously found the offer price of INR 2.50 per equity share to be fair and reasonable, in compliance with SEBI (SAST) Regulations, 2011. The IDC members confirmed they do not hold equity in the target company and have not traded its securities in the relevant periods. Ms. Singhvi has a directorship in the acquirer, SAR Televenture Limited, but this was disclosed. The IDC reviewed all relevant offer documents and concluded the open offer is fair and reasonable.
Key Highlights
- Independent Directors unanimously recommend the Open Offer.
- Offer price of INR 2.50 per share deemed fair and reasonable.
- IDC members hold no shares and have not traded in Grand Foundry.
- Offer complies with SEBI SAST Regulations.
- One IDC member also serves as an Independent Director for the acquirer.
Price Impact
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