Acquirer Group Announces Open Offer for Glittek Granites Limited Shares
The acquisition of Glittek Granites Limited was detailed via an open offer, announced by the company's appointed management. The proposal involves several acquirers and Rawmin Mining And Industries Private Limited (PAC) as part of the deal.The terms of the open offer included a purchase price of Rs 12.65 per Equity Share.
The key timelines for the acquisition and payment are summarized below:
| Event | Proposed in Offer Document | Actual Outcome |
|---|---|---|
| Offer Opening Date | Tuesday, May 19, 2026 | N/A |
| Offer Closing Date | Tuesday, June 02, 2026 | Tuesday, June 02, 2026 |
| Consideration Payment Date | Tuesday, June 09, 2026 | Tuesday, June 09, 2026 |
The open offer aimed at acquiring up to 67,50,000 Equity Shares of Glittek Granites Limited. The proposed size of the offer was Rs 8,53,87,500/-, while the actual value determined upon acceptance of shares stood at Rs 2,49,66,077.95.
Transactional Details and Shareholding
The details of the acquisition indicate a significant volume of shares were either purchased via a pre-offer agreement or acquired during the open offer period. The Post Offer findings show that out of the total number of equity shares accepted (19,73,603), 1,83,24,613 are held by the Acquirers and PAC.A breakdown of the shareholding before and after the offer is provided in the table below:
| Metric | Pre-Offer Shares/Percentage | Post-Offer Shares/Percentage |
|---|---|---|
| Target Company's Public Holding | 96,08,390 shares (37.01%) | 76,34,767 shares (29.41%) |
| Shares Acquired by the Group (Sub-Total) | N/A | 2,31,01,010 shares (70.59% Post-Offer) |
The company's acquirers are Maheshkumar Jatashankar Thanki, Bhargav Girjashankar Thanki, Bhavin Harihar Thanki, Kalpana Ashwinkumar Thanki, Hema Bhargav Thanki, and Gautam Ashwinkumar Thanki, alongside Rawmin Mining And Industries Private Limited (PAC). Vivro Financial Services Private Limited managed the offer.
Stock Price Movement
At the close of trading today, shares of Glittek Granites Ltd saw a drop, settling at ₹43.91, which registered a decline of 1.99%. The stock moved throughout the session, trading within an intraday range from a low of ₹43.91 to a high of ₹44.80.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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