Glittek Granites Limited is set to witness a change in control as six acquirers have announced a mandatory open offer for the company's public shareholders. The offer, triggered by a substantial acquisition transaction, seeks to purchase additional equity shares from existing public investors at a predetermined price.

Open Offer Structure and Pricing

The mandatory open offer targets the acquisition of up to 67.50 lakh fully paid-up equity shares, each with a face value of ₹5.00. These shares represent 26% of the company's total equity share capital and are being offered at ₹12.65 per share.

The offer price of ₹12.65 per share has been determined in accordance with Regulation 8(1) and 8(2) of the SEBI SAST Regulations. Assuming full acceptance by public shareholders, the total consideration payable under the open offer will amount to ₹8.54 crores.

Acquirer Group and Transaction Details

The acquiring consortium comprises six individual acquirers led by Maheshkumar Jatashankar Thanki, along with Rawmin Mining and Industries Private Limited acting as a person acting in concert (PAC). The open offer has been triggered following the execution of a Share Purchase Agreement dated January 6, 2026.

Through the underlying Share Purchase Agreement, the acquirers will purchase 1.64 crore equity shares representing 62.99% of the company's equity capital for a total consideration of ₹20.68 crores. This transaction involves the acquisition of shares from existing promoters including Manjula Agarwal, Tushar Agarwal, Ashoke Agarwal, and Kosen Ventures Private Limited.

Regulatory Compliance and Management

Vivro Financial Services Private Limited has been appointed as the Manager to the Open Offer, ensuring compliance with SEBI SAST Regulations. The offer represents a triggered mandatory bid under Regulations 3(1) and 4 of the SEBI SAST Regulations, arising from the substantial acquisition of voting rights.

The company has disclosed the receipt of the public announcement through a regulatory filing dated January 7, 2026, submitted to BSE Limited. The disclosure was made by Company Secretary Lata Bagri in compliance with Regulation 30 of SEBI LODR Regulations.

Company Profile and Listing Details

Glittek Granites Limited operates in the granite and stone processing industry with its registered office located in Hoskote, Bengaluru, Karnataka. The company's equity shares are listed on BSE Limited under the scrip code 513528 with the ISIN INE741B01027.

The detailed public statement containing comprehensive information about the offer terms, background, and conditions will be published within five working days from the public announcement date, as mandated by SEBI regulations. Public shareholders will receive complete details regarding the offer process, timelines, and acceptance procedures through this forthcoming documentation.

Glittek Granites Ltd has announced a significant ownership change with the execution of a share purchase agreement for the sale of 62.99% of its equity stake. The Board of Directors approved this major transaction during their meeting held on January 6, 2026.

Transaction Details

The share purchase agreement involves the sale of 1,63,51,010 equity shares, representing 62.99% of the company's fully paid-up share capital on a fully diluted basis. The transaction structure includes multiple parties across three categories:

Regulatory Compliance and Approvals

The completion of this proposed transaction remains subject to obtaining all necessary regulatory and contractual approvals. The company has specifically highlighted compliance requirements under the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011, as amended from time to time.

The formal communication was addressed to The Stock Exchange, Mumbai, with security code 513528, ensuring proper notification to relevant market authorities. The company's registered office is located at Honnappa Building, 2nd Floor, V.V. Extension, Behind MCM ITI College, Old Madras Road, Hoskote, Bangalore Rural, Karnataka.

Corporate Governance

The announcement was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary Lata Bagri signed the disclosure letter, ensuring proper regulatory notification to the stock exchanges.

This transaction represents a complete change in the promoter group structure, with the existing Agarwal family promoters transferring majority control to the Thanki family members. The deal encompasses both individual and entity stakeholders, indicating a comprehensive ownership transition for the granite manufacturing company.