Navigant Corporate Advisors Limited has submitted the advertisement of the Committee of Independent Directors regarding Farmico International Private Limited's open offer for Simandhar Impex Limited, published across multiple newspapers on April 16, 2026.

Advertisement Publication Details

The advertisement was published in compliance with Regulation 26(7) of SEBI SAST Regulations, 2011, appearing in:

Open Offer Structure

The comprehensive open offer details remain consistent with previous announcements:

Committee Recommendations

The Committee of Independent Directors, chaired by Tejas Devendra Shah (DIN: 09592879) and including member Meghna Mahendra Savla, has provided detailed recommendations supporting the open offer. The committee concluded that the offer price of Rs. 30.00 per share is fair and reasonable based on multiple factors including book value considerations and professional valuation.

Valuation Assessment

The offer price exceeds the fair value of Rs. 27.55 per equity share as certified by registered valuer Bhavesh M Rathod (ICAI Membership No. 119158) in a valuation certificate dated January 14, 2026. The committee noted that Simandhar Impex shares are infrequently traded within SEBI SAST Regulations framework.

Corporate Compliance

Navigant Corporate Advisors Limited, serving as the manager to the offer, has certified that the PDF format contents are identical to the hard copy advertisement. The submission was made to BSE Limited for Simandhar Impex Limited (BSE Code: 544662), ensuring full regulatory compliance under SEBI takeover regulations.

Navigant Corporate Advisors Limited has submitted the comprehensive Letter of Offer to SEBI and BSE Limited for Farmico International Private Limited's mandatory open offer to acquire shares in Simandhar Impex Limited. The submission, dated April 6, 2026, marks a significant milestone in the acquisition process that was initially announced in January.

Open Offer Structure and Timeline

The open offer involves Farmico International Private Limited acquiring up to 7,75,310 equity shares of Simandhar Impex Limited at Rs. 30.00 per fully paid-up equity share of Rs. 10.00 each. This acquisition represents 25.36% of the fully paid-up and voting share capital of the target company.

Revised Schedule Implementation

The Letter of Offer confirms the implementation of the revised schedule that was previously announced through a corrigendum. The offer will open on Monday, April 20, 2026, and close on Monday, May 4, 2026, with payment of consideration scheduled for May 18, 2026.

Financial Arrangements and Compliance

Farmico International has deposited Rs. 60.00 lakh in an escrow account with ICICI Bank Limited, which exceeds 25% of the offer consideration as required by SEBI regulations. The acquirer has confirmed adequate financial resources to complete the transaction, with a certified net worth of Rs. 301.00 lakh as of January 6, 2026.

The offer is being conducted through BSE's acquisition window mechanism, with Allwin Securities Limited appointed as the buying broker and Bigshare Services Private Limited serving as the registrar to the offer.

Strategic Objectives and Future Plans

Upon completion of the offer and the Share Purchase Agreement, Farmico International will acquire control of Simandhar Impex Limited and become the new promoter. The acquirer intends to grow the business and may diversify into other areas with prior shareholder approval while maintaining the company's listing status on BSE Limited.