Six acquirers led by Maheshkumar Jatashankar Thanki have announced a mandatory open offer for Glittek Granites Limited, seeking to acquire up to 67.5 lakh equity shares at ₹12.65 per share. The offer, totaling ₹853.88 crores assuming full acceptance, follows their acquisition of a controlling stake from existing promoters.

Open Offer Details

The mandatory offer targets 26% of Glittek Granites' equity share capital, triggered by the acquirers' purchase of 1.63 crore shares representing 62.99% stake from existing promoters. The offer price of ₹12.65 per share has been determined as the highest among various valuation parameters under SEBI regulations.

Acquirer Profile

The six acquirers bring substantial experience in mining and mineral trading. Maheshkumar Jatashankar Thanki, the lead acquirer, has over 45 years of experience in mining and mineral products manufacturing. The group also includes Bhargav Girjashankar Thanki (35+ years experience), Bhavin Harihar Thanki (33+ years), and three other family members with diverse professional backgrounds.

Share Purchase Agreement

The acquirers entered into a share purchase agreement on January 6, 2026, with existing promoters including Manjula Agarwal, Tushar Agarwal, Ashoke Agarwal, and Kosen Ventures Private Limited. The agreement covers 1.63 crore shares at ₹12.65 per share, totaling ₹2,068.40 crores.

The sellers currently hold significant stakes in the company, with Kosen Ventures Private Limited being the largest shareholder at 49.98%. Upon completion, these sellers will cease to be promoters of the company.

Target Company Overview

Glittek Granites Limited, incorporated in 1999, is engaged in manufacturing, processing, and trading of granite slabs and tiles. The company is listed on BSE Limited with script code GLITTEKG and has an authorized share capital of ₹140 crores comprising 2.8 crore equity shares of ₹5 face value each.

Strategic Objectives

The acquirers aim to leverage their extensive experience in mining and mineral products to expand and diversify Glittek Granites' business activities. They plan to maintain the company's listing status and have no immediate plans to dispose of significant assets except in the ordinary course of business.

Rawmin Mining And Industries Private Limited, acting as a person acting in concert (PAC), brings additional expertise with its operations in metallurgical grade bauxite, cement grade bauxite, and iron ore mining across Gujarat, Maharashtra, and Goa.

Offer Timeline and Process

The detailed public statement was published on January 13, 2026, across multiple newspapers including Financial Express, Jansatta, Navshakti, and Udaykala. The offer will be implemented through BSE's acquisition window mechanism, with Vivro Financial Services Private Limited serving as the manager and MUFG Intime India Private Limited as the registrar.

Upon completion assuming full acceptance, the acquirers and PAC will hold 88.99% of Glittek Granites' equity share capital, requiring compliance with minimum public shareholding norms under SEBI regulations.

Six acquirers led by mining industry veterans have launched a mandatory open offer for Glittek Granites Limited, seeking to acquire up to 67.50 lakh equity shares representing 26% of the company at ₹12.65 per share. The offer, valued at ₹853.88 crores assuming full acceptance, marks a significant change in control for the Bengaluru-based granite manufacturer.

Acquirer Profile and Financial Strength

The acquisition is led by six individuals with extensive experience in mining and mineral trading, supported by Rawmin Mining And Industries Private Limited as a person acting in concert. The lead acquirers bring substantial financial resources and industry expertise:

Rawmin Mining And Industries Private Limited, the supporting entity, reported a net worth of ₹3,677.21 lakhs as of December 31, 2025, with revenue of ₹2,603.65 lakhs for the nine months ended December 31, 2025.

Transaction Structure and Background

The open offer follows the execution of a share purchase agreement on January 6, 2025, for acquiring 1.63 crore shares (62.99% stake) from existing promoters. The sellers include prominent shareholders who will exit completely upon transaction completion:

Target Company Overview

Glittek Granites Limited, incorporated in 1999, operates in the manufacturing, processing, and trading of granite slabs and tiles. The company is listed on BSE Limited with script code GLITTEKG and maintains its registered office in Bengaluru, Karnataka.

The company's recent financial performance shows mixed results:

Offer Terms and Timeline

The mandatory open offer is priced at ₹12.65 per equity share, justified under SEBI regulations as the highest of prescribed valuation methods. Key offer details include:

• Offer Size: Up to 67.50 lakh shares (26% of equity capital)
• Total Value: ₹853.88 crores (assuming full acceptance)
• Offer Period: March 10-24, 2026
• Designated Exchange: BSE Limited
• Settlement: Cash payment within 10 working days of closure

The acquirers have deposited ₹213.50 crores in an escrow account with ICICI Bank Limited, representing more than 25% of the total consideration as required by regulations.

Strategic Rationale and Future Plans

The acquirers aim to leverage their substantial experience in mining, manufacturing of value-added mineral products, and domestic and international mineral trading to expand Glittek Granites' business activities. The acquisition represents a strategic move to enhance the company's operations in related business segments.

Upon completion assuming full acceptance, the acquirers and PAC will hold approximately 88.99% of the company's equity capital. They intend to retain the listing status and have no immediate plans for delisting, though they reserve the right to make such decisions based on business requirements.

Regulatory Compliance and Process

The offer complies with SEBI (SAST) Regulations for substantial acquisition of shares and takeovers. Public shareholders can participate through the stock exchange mechanism, with detailed procedures outlined in the Letter of Offer to be dispatched by March 2, 2026.

Vivro Financial Services Private Limited serves as the manager to the offer, while MUFG Intime India Private Limited acts as the registrar. The transaction represents a significant consolidation in the granite manufacturing sector, bringing together mining expertise with granite processing capabilities.