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Shree Digvijay Cement Company Limited has announced that its Committee of Independent Directors (CoID) has provided reasoned recommendations on the open offer made by India Resurgence Fund — Scheme 1, India Resurgence Fund 2 — Scheme 2, and India Resurgence Fund 2 — Scheme 4.

The Acquirers, collectively referred to as "Acquirers", are making an open offer to acquire up to 3,85,43,837 equity shares of face value ₹10 each at a price of ₹92.20 per equity share. This represents 26.00% of the expanded share capital.

The CoID, comprising Mr. Mahesh Gupta (Chairperson), Ms. Milu Samarnath Jha, and Mr. Satish Kulkami, unanimously recommended the offer price of ₹92.20 per equity share as fair and reasonable. Their recommendation is based on the offer price being in accordance with SEBI (SAST) Regulations, higher than the highest negotiated price of ₹88.70, and also higher than the volume-weighted average market price of ₹91.96 during the 60 trading days preceding the public announcement.

A copy of the newspaper advertisement dated December 31, 2025, containing these recommendations, was published in Financial Express (English), Jansatta (Hindi), Navshakti (Marathi), and Nobat (Gujarati). The recommendations are also available on the Target Company's website.

The CoID members are non-executive independent directors with no prior trading in the company's shares or relationships with the Acquirers, ensuring impartiality.