COVIDH Technologies Limited has received unanimous approval from its Independent Directors Committee (IDC) for an open offer made by a group of nine acquirers. The offer seeks to acquire up to 21,86,333 equity shares representing 26.00% of the company's emerging equity and voting share capital at ₹10.00 per share. The company has now submitted its pre-open offer advertisement under SEBI regulations.

Open Offer Details

The open offer is being made by nine acquirers led by Mr. Pratap Deshmukh, along with Mr. Laukik Deshmukh, Ms. Sharmila Deshmukh, Ms. Shubhangi Garad, Mr. Sumeet Garad, Ms. Ritu Garad, Mr. Dhairyasheel Yadav, Mr. Nandakumar Kadam, and Ms. Archana Lonkar. The offer is structured in compliance with Regulations 3 and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Independent Directors Committee Assessment

The IDC, comprising Mr. Rinku Saini as Chairperson and Mr. Mangina Srinivas Rao as Member, conducted a comprehensive review of the offer documents. These included the Public Announcement, the Detailed Public Statement, the Draft Letter of Offer, and the Letter of Offer.

Both IDC members are independent and non-executive directors who hold no equity shares in the target company and have no contractual relationships with either the company or the acquirers. Neither member has traded any equity shares or other securities of the company during the 12 months prior to the public announcement.

Committee's Recommendation

The IDC determined that the offer price of ₹10.00 per equity share is fair and reasonable, citing specific regulatory compliance factors. The company's equity shares are infrequently traded on BSE within the meaning of Regulation 2(1)(f) of SEBI SAST Regulations. The offer price is justified under the parameters prescribed in Regulation 8(2) of the SEBI SAST Regulations, with the pricing structure aligning with regulatory requirements for companies with limited trading activity.

Pre-Open Offer Advertisement Submission

Bonanza Portfolio Limited has submitted the pre-open offer advertisement cum corrigendum to the Detailed Public Statement to BSE Limited in accordance with Regulation 18(7) of the SEBI (SAST) Regulations. The advertisement appeared in multiple newspapers including Financial Express (English daily - All Editions), Jansatta (Hindi daily - All Editions), Mumbai Lakshadweep (Marathi daily - Mumbai Edition), and Sakshyam (Telugu - Telangana Edition).

The IDC emphasized that while they consider the offer fair and reasonable, shareholders should independently evaluate the offer and make informed decisions. The recommendations were unanimously approved by the IDC members, demonstrating consensus on the offer's merit under current market conditions and regulatory framework.

Pratap Deshmukh has submitted a disclosure to the Bombay Stock Exchange (BSE) regarding the acquisition of shares in COVIDH . This filing was made in compliance with the substantial acquisition disclosure requirements under the Securities and Exchange Board of India (SEBI) takeover regulations.

Regulatory Compliance

The disclosure adheres to SEBI's regulations, which mandate that investors report significant changes in shareholding to ensure transparency in the stock market. This practice helps maintain fair trading conditions and keeps other investors informed about substantial movements in a company's ownership structure.

Company Background

Covidh Technologies Limited, listed on the BSE with the ISIN code INE899M01020, operates in the IT/ITES business segment. The company's recent financial results show:

Financial Position

As of September 30, 2025, Covidh Technologies reported:

• Total Assets: ₹154.62 lakhs
• Total Equity: (₹10.64) lakhs
• Long-term Borrowings: ₹161.60 lakhs

The company's financial statements indicate a challenging financial position, with negative equity and significant long-term borrowings.

Market Implications

Pratap Deshmukh's share acquisition may potentially impact the company's stock price and investor sentiment. However, the extent of this impact will depend on the size of the acquisition and Deshmukh's intentions, which are not specified in the current disclosure.

Investors and market analysts will likely monitor further developments closely, particularly any subsequent disclosures or changes in the company's management or strategic direction that may result from this acquisition.

Investors are advised to conduct thorough research and consider multiple factors before making investment decisions based on such disclosures.