Swarnsarita Jewels India Limited has received formal endorsement from its Independent Directors Committee (IDC) for the ongoing open offer, with recommendations published in leading newspapers on March 30, 2026. The IDC unanimously declared the offer price of ₹32.15 per equity share as fair and reasonable under SEBI regulations.

IDC Recommendations and Regulatory Compliance

The Committee of Independent Directors, chaired by Deep Shailesh Lakhani, conducted a comprehensive review and unanimously approved the open offer recommendations during their meeting held on March 28, 2026. The IDC consists of three independent directors with no equity holdings or trading history in the company.

Open Offer Structure and Timeline

The voluntary offer is being made by three acquirers from the Chordia family along with Swarnsarita Jewellers Private Limited as the Person Acting in Concert (PAC). The offer targets up to 47,94,987 fully paid-up equity shares, representing 22.97% of the company's voting share capital, at an offer price of ₹32.15 per equity share.

Acquirer Details and Current Holdings

The offer is being made by Mahendra Madanlal Chordia (Acquirer 1), Asha M. Chordia (Acquirer 2), and Sunny Mahendra Chordia (Acquirer 3), along with Swarnsarita Jewellers Private Limited as the PAC. Currently, the acquirers and PAC collectively hold 1,08,62,613 equity shares, representing 52.03% of the voting share capital.

IDC Assessment and Independence Verification

The IDC confirmed that none of its members have any relationship with the acquirers or PAC, nor have they traded in any securities of the target company or PAC during the 12 months preceding the public announcement or thereafter. The committee reviewed the Public Announcement dated January 22, 2026, Detailed Public Statement dated January 30, 2026, and Letter of Offer dated March 18, 2026.

Newspaper Publication and Market Communication

The IDC recommendations were published across multiple newspapers to ensure wide dissemination among shareholders. The publications included Business Standard in English and Hindi editions (all editions) and Navshakti in Marathi (Mumbai edition), ensuring comprehensive market coverage.

Financial Arrangements and Implementation

The acquirers have established firm financial arrangements with a cash escrow account opened with Yes Bank Limited, containing ₹4,00,00,000 representing 25.95% of the maximum consideration payable. Mark Corporate Advisors Private Limited serves as the Manager to the Offer, while MUFG Intime India Private Limited acts as the Registrar. The offer will be implemented through BSE Limited's acquisition window during normal trading hours.

Swarnsarita Jewels India Limited has announced its unaudited standalone and consolidated financial results for the third quarter ended December 31, 2025. The company, formerly known as Swarnsarita Gems Limited, reported its quarterly performance in compliance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance Overview

The company's financial results for Q3 FY26 show mixed performance compared to the corresponding quarter of the previous year. The detailed quarterly and nine-month performance metrics highlight the company's operational trends.

Corporate Governance and Compliance

The Board of Directors approved the unaudited standalone and consolidated financial results along with the Limited Review Report in their meeting held on February 14, 2026, at 5:00 PM. The meeting concluded at 6:45 PM, with the results prepared in compliance with Indian Accounting Standards (Ind-AS).

The financial results have been reviewed by the audit committee and approved by the Board of Directors. Independent auditors Banshi Jain & Associates conducted the review of the quarterly financial results in accordance with Standard on Review Engagements (SRE) 2410.

Debt Position and Financial Health

As of December 31, 2025, the company's debt position reflects its current financial structure and obligations to various financial institutions.

Regulatory Compliance

The company has addressed various regulatory requirements in its quarterly filing. The results comply with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The financial statements have been prepared in accordance with Indian Accounting Standard 34 "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013.

The company noted that it has only one reportable segment, and thus segment reporting is not provided as per Ind AS 108 "Operating Segment." Additionally, the company has conducted a preliminary assessment of the four new Labour Codes notified by the Government of India on November 21, 2025, and no material financial impact is presently envisaged.