Aar Shyam India Investment Company Limited has received unanimous approval from its Committee of Independent Directors (IDC) for an open offer by Guruomega Private Limited and Mr. Man Mohan Katiyal. The recommendation supports the acquisition of up to 7,80,000 equity shares at Rs. 19.30 per share under SEBI regulations.

Open Offer Structure and Pricing

The open offer is being conducted under Regulation 3(1) and Regulation 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The acquirers seek to purchase 7,80,000 equity shares of Rs. 10 each, representing 26% of the paid-up equity share capital.

The offer price has been revised to Rs. 19.30 per share after incorporating interest at 10% per annum due to delays in filing the Letter of Offer. The IDC determined this price represents the highest among selective criteria and aligns with SEBI SAST Regulations.

Committee Recommendation and Timeline

The Committee of Independent Directors comprises three members who evaluated the offer comprehensively. The IDC recommendation was approved on March 21, 2026, and published on March 23, 2026.

The committee confirmed that none of the IDC members hold equity shares in the target company or have relationships with the acquirers.

Implementation and Key Dates

Turnaround Corporate Advisors Private Limited serves as the manager to the offer, with SEBI registration number INM000012290. The Letter of Offer dispatch was completed on March 18, 2026, to all public shareholders.

The open offer will be implemented through BSE Limited's stock exchange mechanism using a separate acquisition window. Public shareholders can tender their shares through the designated platform, with the process subject to securities transaction tax.

Regulatory Compliance and Documentation

The target company has undergone significant changes, including surrendering its NBFC certificate to RBI on January 23, 2026, and relocating its registered office to Space No. 920, Kirti Shikhar Building, District Centre, Janakpuri B-1, New Delhi. The escrow account balance stands at Rs. 37,63,500 to facilitate the transaction.

The Letter of Offer, along with Form of Acceptance cum Acknowledgement, is available on websites of SEBI, BSE, the manager, target company, and registrar. Public shareholders who did not receive the LOF can download it from these platforms or participate using plain paper applications with required documentation.