Mark Corporate Advisors Private Limited has issued an offer opening public announcement for the open offer to public shareholders of Swarnsarita Jewels India Limited on April 2, 2026. The announcement was published in Business Standard (English and Hindi editions) and Navshakti (Marathi) as required under SEBI (SAST) Regulations 2011.

Open Offer Details

The open offer seeks to acquire up to 47,94,987 fully paid-up equity shares of ₹10 each at an offer price of ₹32.15 per equity share. This represents 22.97% of the voting share capital of the target company.

The acquirers include Mr. Mahendra Madanlal Chordia (Acquirer 1), Mrs. Asha M Chordia (Acquirer 2), Mr. Sunny Mahendra Chordia (Acquirer 3), and Swarnsarita Jewellers Private Limited as the Person Acting in Concert (PAC).

Committee Recommendation

The Committee of Independent Directors (IDC) of the target company issued its recommendation on March 30, 2026, stating that the offer price of ₹32.15 per equity share is fair and reasonable. The IDC reviewed the Public Announcement dated January 22, 2026, Detailed Public Statement dated January 30, 2026, and Letter of Offer dated March 18, 2026 before making this recommendation.

Tendering Schedule

The revised schedule shows the tendering period running from April 6, 2026 (Offer Opening Date) to April 20, 2026 (Offer Closing Date). The Letter of Offer dispatch to public shareholders was completed by March 25, 2026.

Current Shareholding

As of the announcement date, the acquirers and PAC collectively hold 1,08,62,613 equity shares, representing 52.03% of the voting share capital of the target company. Mr. Mahendra Madanlal Chordia serves as Managing Director while Mr. Sunny Mahendra Chordia is the Whole Time Director of the target company.

Regulatory Compliance

The open offer is being conducted in compliance with SEBI (SAST) Regulations 2011 and will be implemented through the stock exchange mechanism. SEBI issued observation letter No I/7004/2026 dated March 13, 2026, and the comments have been incorporated into the Letter of Offer. The offer is voluntary under Regulation 6 of SEBI (SAST) Regulations 2011.

Tendering Process

Public shareholders can participate through registered stockbrokers during normal trading hours. For physical shares, shareholders need to provide name, address, distinctive numbers, folio numbers and other relevant documents along with Form SH-4. For dematerialized shares, shareholders must approach their stockbrokers with delivery instructions in off-market mode to the Depository Escrow Account.

The acquirers and PAC may withdraw the offer under specific conditions outlined in Regulation 23(1) of SEBI (SAST) Regulations 2011, including non-receipt of required statutory approvals or other circumstances deemed appropriate by SEBI.

Swarnsarita Jewels India Limited has successfully concluded its Independent Directors meeting that was held on March 30, 2026, at 1:00 PM IST at the company's registered office located at Office No. 104, First Floor, 17/19, Swarn House, Dhanji Street, Zaveri Bazaar Mumbai-400003. The meeting, which ran until 3:45 PM IST, addressed critical governance matters as previously scheduled.

Meeting Outcomes and Key Decisions

The Independent Directors successfully completed their comprehensive review agenda during the meeting session. The directors focused on essential governance evaluation processes that are fundamental to effective board oversight.

Governance Framework Implementation

The concluded meeting demonstrates the company's commitment to maintaining robust corporate governance standards. The Independent Directors successfully executed their oversight responsibilities by:

• Director Performance Evaluation: Completed comprehensive review of Non-Independent Directors' performance in their fiduciary duties
• Information Flow Analysis: Assessed the quality and timeliness of information flow between the company, management, and board members required for effective decision-making
• Board Effectiveness Review: Ensured proper evaluation mechanisms are in place for ongoing governance improvements

Regulatory Compliance and Communication

Company Secretary and Compliance Officer Deepak Suthar communicated the meeting outcomes to BSE Limited under the company's scrip code 526365. The notification fulfills the company's disclosure obligations under Regulation 30, ensuring transparency with stakeholders and regulatory authorities.

Corporate Governance Milestone

The successful completion of this Independent Directors meeting represents an important milestone in the company's governance calendar. The meeting outcomes reinforce the effectiveness of the company's independent oversight mechanisms and demonstrate ongoing commitment to best practices in corporate governance and board evaluation processes.