Committee Recommends Open Offer by Karronn Naresh Bajaj as Fair and Reasonable
Mitshi India Limited, formerly known as Dera Paints & Chemical Limited, announced the recommendations of its Committee of Independent Directors (IDC) regarding the ongoing Open Offer. The IDC concluded that the offer, put forth by Mr. Karronn Naresh Bajaj, is fair and reasonable to the shareholders.The IDC reviewed the Open Offer in light of the Public Announcement dated July 23, 2026, the Detailed Public Statement dated July 30, 2026, and the Letter of Offer dated August 24, 2026.
The Open Offer involves the acquisition of up to 22,88,000 fully paid up equity shares of Mitshi India Limited by Mr. Karronn Naresh Bajaj. These shares constitute 26% of the total voting share capital of the company. The offer price set by the Acquirer is ₹15 per share, payable in cash.
The IDC members, who are independent of the company and do not hold any equity shares or contracts with Mitshi India Limited, unanimously approved the recommendation. They stated that the Open Offer is fair and reasonable based on a comprehensive review of the Offer Documents.
Key details of the Open Offer and the IDC's review are summarized below:
| Parameter | Details |
|---|---|
| Target Company | Mitshi India Limited |
| Acquirer | Mr. Karronn Naresh Bajaj |
| Shares to be Acquired | Up to 22,88,000 |
| Percentage of Voting Capital | 26% |
| Offer Price per Share | ₹15/- |
| Shares Paid Up At | ₹10/- |
The IDC members determined the fairness of the Open Offer by comparing it against several internal parameters. The committee found that the Offer Price of ₹15 per equity share was in line with the negotiated price of ₹15 per equity share agreed upon under the Share Purchase Agreement executed on July 23, 2026.
Furthermore, the IDC concluded that the offer price was fair and reasonable when measured against the valuation parameters determined by the Acquirer and the Manager. These parameters included book value and comparable trading multiples, which established a valuation reference of ₹3.10 per equity share.
The committee emphasized that while they found the Open Offer to be fair and reasonable, shareholders are strongly advised to independently evaluate the offer and make an informed decision in their own best interest.
Stock Price Movement
As of 11:56, shares of Mitshi India Ltd are ticking flat at ₹13.50, registering zero percentage movement. The equity has seen intraday volatility today, swinging from a low of ₹13.20 up to a high of ₹13.97.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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