The Board of Directors of Alstom T&D India Ltd had on November 10, 2015 constituted a Committee of Independent Directors (IDC) for providing reasoned recommendations on the open offer to the shareholders of the company made by GE Energy Europe BV.
"The IDC is of the opinion that the offer price of Rs 300.98 per equity share is in accordance with the guidelines prescribed by the SEBI (SAST) Regulations," the company said in a regulatory filing disclosing the recommendations of IDC.
"The shareholders should independently evaluate the offer in consultation with their tax and financial advisors and take informed decision in this regard," it said.
The IDC was headed by Kirit S Parikh and other members included Rakesh Nath, Chandan Roy and Bhanu Bhushan.
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The US energy and healthcare giant General Electric Co (GE) made the open offer following its USD 16.9 billion bid to acquire the global energy assets of the French multinational company, Alstom.
GE has made open offer for buying all the publicly held shares in both the companies.
Shares of Alstom T&D India, in which GE is seeking to buy 6.4 crore shares, were trading in BSE at Rs 451 at 1400 hours.
GE has made an open offer to acquire 174.79 lakh shares representing 26 per cent stake in Alstom India Ltd for Rs 440.32 per equity share, aggregating to Rs 769.64 crore.