South India Paper Mills: Independent Directors Recommend Open Offer

The Committee of Independent Directors of South India Paper Mills Limited has submitted its recommendations regarding the open offer made by Nandini Modi and Kirit Modi, along with Persons Acting in Concert (PACs). The open offer aims to acquire up to 48,75,000 equity shares, representing 26% of the voting share capital, at a price of ₹120 per share. The total offer consideration aggregates to a maximum of ₹58,50,00,000 (₹58.50 Crore). The recommendations, approved on October 15, 2026, are in compliance with SEBI (SAST) Regulations, 2011. The report details the offer, acquirers, and the independent directors' committee, noting that most members hold no shares in the target company, with one director holding 1,000 shares.