The Committee of Independent Directors (IDC) of Sarda Proteins Limited has unanimously recommended that the open offer by Onix Renewable Limited to acquire up to 19.28% of the company's share capital is fair and reasonable. The offer, priced at ₹115.00 per fully paid-up equity share, was triggered pursuant to Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, following the conversion of warrants into equity shares on March 18, 2026. The IDC, comprising Dhairyakumar Mohanbhai Thakkar and Chintan Umeshbhai Shatt, reviewed the Public Announcement, Detailed Public Statement, and Letter of Offer before arriving at this conclusion.

Offer Parameters

The open offer seeks to acquire 17,30,400 equity shares, representing 19.28% of the Emerging Voting Share Capital. The offer price of ₹115.00 is at par with the negotiated price paid during the conversion of warrants and is higher than the volume-weighted average market price for the 60 trading days preceding the Public Announcement, which was ₹72.94 on the BSE. The shares of Sarda Proteins Limited are listed on the BSE under the XT Group and are currently suspended from trading on the Calcutta Stock Exchange.

Key Financial and Regulatory Details

The offer is managed by Grow House Wealth Management Private Limited. The IDC confirmed that its members hold no equity shares in the target company or the acquirer and have no other contractual relationships. The committee advised shareholders to independently evaluate the offer against the current market price before participating. The recommendation was published in national and regional newspapers, including the Financial Express and Jansatta, on June 08, 2026.