TMT India Open Offer: Independent Directors Recommend Acceptance

Navigant Corporate Advisors Ltd, acting as the Manager to the Offer, has submitted an advertisement regarding the committee of independent directors' recommendation for TMT (India) Limited's open offer. The offer, managed by Yoga Builders Private Limited, Scaffold Properties Private Limited, and MDK Properties and Estates Private Limited, aims to acquire up to 12,87,988 equity shares, representing 26.00% of the total equity, at ₹10 per share. The Committee of Independent Directors (IDC), comprising Sunitha Markonda (Chairperson) and Mahipal Reddy, has reviewed the offer and found it to be fair and reasonable. They recommend shareholders accept the offer, citing that the ₹10 offer price is higher than the price in the SPA and reasonable given the company's negative book value and profitability. The IDC members hold no shares in the target company or relationships with the acquirers.