Niraj Cement Structurals Open Offer: Independent Directors Recommend Acceptance

Navigant Corporate Advisors Ltd, acting as Manager to the Offer, has submitted the recommendations of the Committee of Independent Directors (IDC) for the open offer to acquire equity shares of Niraj Cement Structurals Limited. The offer is to acquire up to 1,55,20,529 Equity Shares, representing 26.00% of the total equity, at a price of ₹29.00 per share. The IDC has recommended accepting the open offer, deeming the price fair and reasonable. They cited that the offer price is justified by the acquirer's purchase consideration in SPAs, the shares are frequently traded, and the offer price is higher than the 60-day volume-weighted average market price.