Oxford Industries: Independent Directors Recommend Open Offer

Navigant Corporate Advisors Ltd, acting as the Manager to the Offer, has submitted the Recommendation of the Committee of Independent Directors (IDC) to the BSE regarding the open offer for Oxford Industries Limited. The offer, made by Acquirer Saroj Kumar Choudhury, aims to acquire up to 15,45,271 equity shares, representing 26.00% of the total equity, at a price of ₹5.00 per share. The IDC, comprising independent directors Aakansha Vaid, Iranee Tripathy, and Nitin Arvind Oza, has deemed the offer fair and reasonable, recommending shareholders accept it. They cited the offer price being reasonable given the company's negative book value and profitability, exceeding the price in the Share Purchase Agreement (SPA) and the price paid in the preceding 52 weeks, and also surpassing the fair value of ₹3.70 per share as determined by an independent valuer.