The Committee of Independent Directors of TMT (India) Limited has determined that the open offer by a group of acquirers to purchase a 26.00% stake in the company is fair and reasonable. The committee's assessment, communicated to BSE Limited on July 03, 2026, provides shareholders with a recommendation regarding the proposed acquisition of up to 12,87,988 equity shares at a price of ₹10 per fully paid-up equity share.

The open offer is being made by Yoga Builders Private Limited (Acquirer-1), Scaffold Properties Private Limited (Acquirer-2), and Mk Profinlease Private Limited (Acquirer-3). The offer targets 12,87,988 equity shares of ₹10 each, representing 26.00% of the fully paid-up and voting share capital of TMT (India) Limited. The committee reviewed the regulatory filings, including the Public Announcement dated April 20, 2026, the Detailed Public Statement published on April 27, 2026, and the Letter of Offer dated June 24, 2026, before arriving at its conclusion.

Key Details of the Open Offer

The following table outlines the specific parameters of the open offer evaluated by the committee:

The committee, chaired by Sunitha Markonda, met on July 03, 2026, to discuss, analyse, and review the offer documents. The conclusion that the offer is fair and reasonable is based on the examination of the terms outlined in the Letter of Offer and preceding public announcements. This recommendation is intended to assist the shareholders of TMT (India) Limited in making an informed decision regarding the open offer.

Acquirers comprising Yoga Builders Private Limited, Scaffold Properties Private Limited, and Mk Profinlease Private Limited have revised the timeline for the open offer to acquire up to 12,87,988 equity shares of TMT (I) Ltd. The offer targets 26.00% of the fully paid-up and voting share capital at a price of Rs 10 per fully paid-up equity share. The revised schedule shifts the opening of the offer to July 8, 2026, and the closure to July 21, 2026.

Navigant Corporate Advisors Limited issued the corrigendum to the detailed public statement on behalf of the acquirers in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The revision follows SEBI Observation Letter No. 1/14299/2026 dated June 19, 2026. The original detailed public statement was published on April 27, 2026.

The corrigendum updates several key dates in the offer schedule. The date for dispatching the letter of offer to shareholders is revised to July 1, 2026, while the last date for revising the offer price is now July 6, 2026. The identified date for determining shareholder eligibility is revised to June 23, 2026.

Revised Schedule of Activities

All other terms and conditions of the open offer remain unchanged. Shareholders of TMT (I) Ltd, excluding the acquirers, sellers, and promoter group, are eligible to participate in the offer at any time before the closure of the offer. The final report from the merchant banker is now due on August 11, 2026.