Six acquirers led by the Thanki family have announced a mandatory open offer for Glittek Granites Limited, marking a significant change in control for the granite manufacturing company. The comprehensive acquisition involves multiple family members and their associated mining company, targeting a substantial stake in the BSE-listed firm.

Open Offer Structure and Valuation

The open offer seeks to acquire up to 67.50 lakh fully paid-up equity shares of face value ₹5 each, representing 26% of the company's equity share capital. The offer has been priced at ₹12.65 per share, resulting in a total consideration of ₹853.88 crores assuming full acceptance.

The offer price represents the highest value among various regulatory parameters, including the negotiated price under the share purchase agreement and volume-weighted average market price of ₹12.39 for 60 trading days preceding the public announcement.

Acquirer Profile and Experience

The acquisition is being led by six individual acquirers, all members of the Thanki family, along with Rawmin Mining And Industries Private Limited as a person acting in concert. The lead acquirer, Maheshkumar Jatashankar Thanki, brings over 45 years of experience in mining and mineral trading.

Rawmin Mining And Industries Private Limited, the person acting in concert, reported a net worth of ₹3,677.21 lakhs as of December 31, 2025, and is engaged in mining metallurgical grade bauxite, cement grade bauxite, and iron ore across Gujarat, Maharashtra, and Goa.

Background Transaction and Seller Details

The open offer follows a share purchase agreement executed on January 6, 2026, for acquiring 1.64 crore equity shares (62.99% stake) from existing promoters at the same price of ₹12.65 per share. The total value of this underlying transaction amounts to ₹2,068.40 crores.

The sellers include prominent stakeholders such as Kosen Ventures Private Limited (49.98% stake), Manjula Agarwal (5.77% stake), Ashoke Agarwal (4.64% stake), and Tushar Agarwal (2.57% stake). Upon completion, these sellers will cease to be members of the promoter group.

Financial Arrangements and Regulatory Compliance

The acquirers have established robust financial arrangements to support the acquisition. An escrow account has been opened with ICICI Bank Limited, with ₹213.50 crores deposited as escrow amount, representing more than 25% of the total consideration payable.

The offer complies with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and has been structured as a mandatory offer following the substantial acquisition triggering regulatory requirements.

Target Company Overview

Glittek Granites Limited, incorporated in 1990, is engaged in manufacturing, processing, and trading of granite slabs and tiles. The company's equity shares are listed on BSE Limited with scrip code GLITTEKG. The company has an authorized share capital of ₹14 crores and paid-up capital of ₹12.98 crores comprising 2.60 crore equity shares.

Recent financial performance shows mixed results, with the company reporting revenue of ₹95.06 lakhs and a net loss of ₹34.90 lakhs for the six months ended September 30, 2025. However, the previous financial year showed strong performance with revenue of ₹3,329.91 lakhs and net profit of ₹685.86 lakhs.

Strategic Implications and Timeline

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

Upon completion assuming full acceptance, the acquirers will hold 2.31 crore equity shares representing 88.99% of the company's equity share capital. This will result in public shareholding falling below the minimum 25% requirement, necessitating compliance with relevant regulations to restore adequate public float.

The detailed public statement has been published in multiple newspapers including Financial Express, Jansatta, Navshakti, and Udaykala, with the offer scheduled to commence on March 10, 2026, and close on March 24, 2026.

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.