Niraj Cement Structurals IDC Deems Open Offer Fair As Acquirer Offers Rs 29 Per Share
The Committee of Independent Directors (IDC) of Niraj Cement Structurals Limited has recommended that the open offer for their shares is fair and reasonable. The recommendation relates to the acquisition by Gulshankumar Vijaykumar Chopra, wherein the company's equity was offered at a price of Rs 29.00 per share.The IDC released its opinion on July 28, 2026, stating that while the offer is deemed fair and reasonable, shareholders are advised to independently evaluate the Offer and make an informed decision regarding the matter. The open offer involves the acquisition of up to 15,520,529 equity shares of Niraj Cement Structurals Limited (Target Company).
The company's shares were offered by the Acquirer at a price of Rs 29.00 per fully paid-up Equity Share, against a nominal value of Rs 10/- each. This acquisition represents 26.00% of the fully paid up and voting share capital of Niraj Cement Structurals Limited.
Key details regarding the open offer are summarized below:
| Detail | Information |
|---|---|
| Target Company | Niraj Cement Structurals Limited |
| Acquirer Name | Gulshankumar Vijaykumar Chopra |
| Total Shares to be Acquired | Up to 1,55,20,529 Equity Shares |
| Offer Price per Share | Rs 29.00 |
| Targeted Stake Percentage | 26.00% |
The IDC supported the recommendation based on several factors. Firstly, the offer price of Rs 29.00 per fully paid-up Equity Share was considered justified, given the purchase consideration being paid by the Acquirer in the Stock Purchase Agreements (SPAs) to the Sellers. Secondly, it was noted that the shares of the Target Company are frequently traded within the meaning provided in Regulation 2(j) of SEBI (SAST) Regulations, 2011. Thirdly, the offer price of Rs 29.00 per fully paid-up Equity Share is higher than the volume-weighted average market price of shares for the sixty trading days immediately preceding the date of the public announcement.
The IDC concluded that the Open Offer price is fair and reasonable in accordance with relevant regulations prescribed in the Takeover Code and appears prima facie justified, keeping into account the aforementioned facts.
NIRAJ Stock Price Movement
Shares of Niraj Cement Structurals Limited finished the trading day lower, shedding 0.52% and settling at ₹28.89 today. The stock traded within a narrow intraday range, hitting a low of ₹28.3 after seeing 61,327 shares change hands.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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