Igarashi Motors has said that the Committee of Independent Directors appointed to submit recommendations on the open offer for acquisition of 79.60 lakh shares by Igarashi Electric Works Ltd, Japan, and others has recommended that the base offer price of Rs 307.92 and the offer price of Rs 324.60 per equity share is fair and reasonable and in line with the Securities and Exchange Board of India regulations.
The open offer has been announced for acquisition of shares by Igarashi Electric Works, along with persons acting in concert including Mape Securities, Alpha FDI Holdings Pte Ltd, Tata Capital Growth Fund I, Agile Electric Sub Assembly Pvt Ltd, it added.
