Yoga Builders Private Limited, along with Scaffold Properties Private Limited and MDK Properties and Estates Private Limited (formerly MK Profinlease Private Limited), has acquired a 15.40% stake in tmt india through an open offer. The consortium acquired 7,62,990 equity shares on July 27, 2026, at a purchase price of ₹10 per share. This transaction marks the completion of the tendering process for this portion of the acquisition, moving the acquirers from public category shareholders to promoters post-offer completion.

The acquisition was disclosed under Regulation 18(6) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Yoga Builders filed the disclosure with BSE Limited on July 27, 2026. The shares were acquired from public shareholders during the tendering process of the open offer, which was previously announced on April 20, 2026, under Regulation 3(1) and 4 of the SAST Regulations. Director Mitesh Kothari of Yoga Builders certified the accuracy of the information provided in the report.

Acquisition Details

The acquisition by Yoga Builders and its Persons Acting in Concert (PACs) represents a significant step in the change of control for TMT India. Prior to this specific acquisition event, the acquirers held no shares in the target company. The transaction involved only equity shares carrying voting rights, with no warrants, convertible securities, or encumbered shares involved.

Regulatory Compliance and Future Status

The acquirers have disclosed that they are currently in the public category. However, following the completion of the open offer, they will be treated as promoters of the company. This transition aligns with the earlier public announcement made in April 2026. The existing promoter group will cease to be promoters and be reclassified as public category shareholders under Regulation 31A(10) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations.

What the Numbers Show

The acquisition of 15.40% by Yoga Builders and its consortium highlights the partial nature of the initial open offer uptake. While the total proposed acquisition was larger, this specific filing confirms the successful transfer of 7,62,990 shares at face value. The fact that the acquirers held zero shares prior to this acquisition indicates that the entire stake was built through the SPA and open offer mechanism, rather than incremental market purchases. The retention of the full voting capital figure suggests no new shares were issued during this process, preserving the value of existing shareholders' stakes from dilution, although control has shifted significantly.

Navigant Corporate Advisors Limited, the manager to the offer, announced the opening of the open offer to acquire up to 12,87,988 equity shares, representing 26.00% of the fully paid-up and voting share capital of TMT (India) Limited . The offer price is fixed at Rs. 10 per fully paid-up equity share. The offer, made by Yoga Builders Private Limited, Scaffold Properties Private Limited, and MDK Properties and Estates Private Limited, opened on July 8, 2026, and will close on July 21, 2026.

The Committee of Independent Directors of the target company has recommended that shareholders accept the offer. The committee deemed the price of Rs. 10 per share fair and reasonable, noting it exceeds the certified fair value of Rs. 6.75 per share as per a valuation report dated April 20, 2026. The recommendation was published in newspapers on July 6, 2026.

Schedule of Offer Activities

The revised schedule of activities for the open offer is detailed below:

The Letter of Offer was dispatched to shareholders on July 1, 2026. Shareholders can tender shares through their respective brokers or apply on plain paper. The Draft Letter of Offer was submitted to SEBI on May 5, 2026, and final observations were received on June 19, 2026. There are no material changes from the date of the Public Announcement.