Glittek Granites Ltd has undergone a change in control following the disposal of 70.59% of its total equity share capital by the existing promoter group and public shareholders. The acquirer group, led by Maheshkumar Jatashankar Thanki, acquired an aggregate of 1,83,24,613 equity shares through an off-market transaction and the subsequent Open Offer process. This transfer, executed pursuant to a Share Purchase Agreement dated January 6, 2026, resulted in the reclassification of the Agarwal group from promoters to public shareholders effective June 26, 2026.

The Board of Directors, at its meeting held on June 25, 2026, approved significant management changes to reflect the new ownership. Maheshkumar Jatashankar Thanki was appointed Chairperson and Whole-time Director, while Bhargav Girjashankar Thanki and Bhavin Harihar Thanki were appointed Managing Director and Whole-time Director, respectively. The Board also appointed three Independent Directors and a Chief Financial Officer. Consequently, the previous management team, including Ashoke Agarwal and Tushar Agarwal, resigned effective from the close of business hours on June 25, 2026.

Acquisition Details

The acquisition involved the purchase of 1,63,51,010 equity shares from the existing promoters through an off-market transaction on June 25, 2026. Additionally, 19,73,603 equity shares were tendered by public shareholders during the Open Offer process, with payment for these shares made on June 9, 2026. These tendered shares are currently held in the Acquirers' Special Escrow Account pending transfer.

Corporate Changes

Subject to shareholder and regulatory approvals, the company will change its name from “Glittek Granites Limited” to “Rawmin Neo Elements Limited”, “Rawmin Resources Limited”, or “Rawmin Neo Energy Limited”. The registered office will be shifted from Karnataka to Maharashtra. An Extra-Ordinary General Meeting will be convened to seek shareholder approval on these matters, including the alteration of the Main Objects Clause of the Memorandum of Association.

The open offer to acquire shares of Glittek Granites Limited has concluded with the acquirers successfully securing 19,73,603 equity shares at a price of ₹12.65 per share. The offer, which opened on May 19, 2026, and closed on June 02, 2026, was made by a group of six acquirers and Rawmin Mining And Industries Private Limited (PAC) pursuant to Regulation 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Vivro Financial Services Private Limited acted as the Manager to the Offer. The total consideration paid for the accepted shares amounted to ₹2,49,66,077.95. While the offer was initially made for up to 67,50,000 equity shares representing 26% of the equity share capital, the actual acceptance resulted in the acquirers increasing their stake by 7.60%.

Acquisition Details

The acquirers had previously purchased 1,63,51,010 shares via a Share Purchase Agreement dated January 06, 2026. Following the open offer acquisition, the collective post-offer shareholding of the acquirers and PAC stands at 1,83,24,613 equity shares, which constitutes 70.59% of the fully diluted equity share capital of the target company.

Shareholding Pattern

The public shareholding has reduced as a result of the offer. Prior to the offer, the public held 96,08,390 shares (37.01%), which has now decreased to 76,34,787 shares (29.41%). The payment of consideration for the accepted shares was completed on June 09, 2026. MUFG Intime India Private Limited served as the Registrar to the Offer.