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.

Glittek Granites Ltd has submitted its mandatory quarterly compliance reports to the stock exchanges for the quarter ended December 31, 2025. The company filed multiple regulatory documents as required under various SEBI regulations.

Quarterly Compliance Submissions

The company submitted comprehensive compliance documentation to the stock exchanges, addressing multiple regulatory requirements under SEBI guidelines.

Share Transfer Agent Confirmation

MCS Share Transfer Agent Limited, the company's registrar and transfer agent, provided confirmation regarding dematerialization compliance. The agent confirmed sending the Demat Transfer Register for the period October 1, 2025 to December 31, 2025 to the depositories and stock exchanges where the company's shares are listed.

Dematerialization Compliance

The transfer agent confirmed compliance with Section 74(5) of SEBI Depositories and Participants Regulations, 2018. Key confirmations included:

• Submission of Demat Transfer Register to depositories and stock exchanges
• Destruction of physical securities received from Depository Participants after dematerialization within stipulated timeframes
• Adherence to regulatory requirements for share reconciliation under Regulation 76

Corporate Information

Glittek Granites Ltd operates from its registered office in Hoskote, Bangalore Rural, Karnataka, with corporate office located in Kolkata. The company trades under security code 513528 on the stock exchanges.

The submissions demonstrate the company's commitment to maintaining regulatory compliance and transparency in corporate governance practices as mandated by SEBI regulations.