Shankara Building Products disclosed that Rajasthan Global Securities Private Limited (RGSPL) and its person acting in concert increased their aggregate holding to 16.25% following an open market acquisition on September 10, 2026.

The acquisition of 46,791 equity shares pushed the total stake of the acquirer group to 39,39,611 shares out of the company’s total voting capital of 2,42,49,326 equity shares of ₹10 each.

Acquisition Details

RGSPL, acting in concert with RGSPL Investment LVF 1, purchased the additional shares in the open market. This transaction triggered a disclosure under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as the cumulative change since the previous disclosure exceeded the applicable threshold.

Historical Context

The previous disclosure under Regulation 29(2) was filed on August 12, 2026, when the aggregate holding stood at 34,54,110 equity shares, representing approximately 14.24% of the total share capital. Since that date, the group’s holding has increased by 4,85,501 equity shares, or approximately 2.0021% of the total share capital.

RGSPL Investment LVF 1 is included as a person acting in concert because its corpus is predominantly contributed by Rajasthan Global Securities Private Limited and LRSD Capital Private Limited. The investment decisions for the scheme are exercised by its investment manager in accordance with applicable fund documents.

Shankara Building Products has commenced its open offer for a 26% stake, with the tendering period opening on September 7, 2026. The Ballygunge Family Trust and persons acting in concert (PACs) are acquiring up to 63,04,825 equity shares at ₹150 per share to comply with SEBI’s Substantial Acquisition of Shares and Takeovers (SAST) Regulations.

The offer is designed to rectify past non-compliances and consolidate the promoter group’s holding. Assuming full acceptance, the acquisition will increase the promoter group’s stake from 49.52% to 75.52%. The Committee of Independent Directors (IDC) has recommended the offer price as fair and reasonable, with its recommendation published on September 2, 2026.

Offer Timeline and Mechanics

The tendering period runs from September 7, 2026, to September 21, 2026. Shareholders can tender their shares through the stock exchange mechanism on the BSE, which serves as the designated exchange. Nikunj Stock Brokers Limited acts as the buying broker for the transaction. The Letter of Offer was dispatched on August 31, 2026, to shareholders on record as of August 21, 2026.

Financial Arrangements

The total fund requirement for the open offer, assuming full acceptance, is ₹94.57 crore. The acquirer has deposited ₹23.64 crore, representing 25% of the maximum consideration, into an escrow account with Kotak Mahindra Bank Limited. The remaining funds will be financed through the internal resources of the acquirer and PACs.

Regulatory Compliance and Updates

The open offer is not subject to any minimum level of acceptance. Corporate Professionals Capital Private Limited serves as the Manager to the Offer. As directed by SEBI, the Letter of Offer clarifies that no statutory approvals are required for the acquisition. Additionally, it is confirmed that no shares held by the Promoter and Promoter Group are under pledge as on the date of the Letter of Offer.

What the Numbers Show

The offer price of ₹150 per share is significantly higher than the volume-weighted average price (VWAP) of ₹116.80 paid by the acquirer during the 52 weeks preceding the public announcement. This premium reflects the regulatory requirement to include interest for the delay in making the public announcement, as well as the highest price paid during the relevant periods under SEBI SAST regulations.