SML Isuzu Limited — Others, 05-08-2025: Copy of Newspaper Publication

SML ISUZU's Independent Directors' Committee (IDC) has released its assessment regarding Mahindra & Mahindra's Open Offer. The offer aims to acquire up to 0.376 Cr equity shares, representing 28.00% of voting capital, at INR 1,554.60 per share. The IDC, after review and advice from an independent firm, views the offer price as fair and reasonable, complying with applicable regulations. However, the IDC emphasizes that recent market prices (around INR 3,471-3,469 per share) are substantially higher than the offer price. Shareholders are encouraged to conduct their own evaluation and make an informed decision on the offer.