RGF Capital Markets: Independent Directors Recommend Open Offer

RGF Capital Markets Limited has submitted the Recommendation of its Independent Director Committee (IDC) regarding an open offer. Kunvarji Finstock Private Limited, acting as the Manager to the Offer, filed the recommendation with BSE. The open offer is for the acquisition of up to 3,90,06,240 equity shares, representing 26.00% of the total voting share capital, at an offer price of ₹1.10 per share, payable in cash. The IDC, comprising independent directors who hold no equity or other relationships with the acquirers, has reviewed the offer documents and believes the offer is fair and reasonable, in compliance with SEBI (SAST) Regulations, 2011. The offer price is justified as it represents the highest negotiated price.