RB International Holdings Launches Mandatory Open Offer for RR Metalmakers India Limited

RB International Holdings Launches Mandatory Open Offer for RR Metalmakers India Limited​

RB International Holdings Limited, along with Suyog Yogesh Desai and Nikita Suyog Desai, have launched a mandatory Open Offer for the public shareholders of RR Metalmakers India Limited. The acquisition is part of a larger transaction triggered by a Share Purchase Agreement executed on July 30, 2026, involving members of the target company’s promoter group.

The Acquirers are offering to acquire up to 23,42,295 fully paid-up equity shares of RR Metalmakers India Limited (the Target Company). The offer represents 26% of the existing Equity Share Capital. Shareholders can tender their shares at a fixed cash price of ₹23.85 per Equity Share, based on a face value of ₹10/- each. If the Open Offer achieves full acceptance, the total consideration amounts to ₹5,58,63,735.75.

The O/F is being made by the three Acquirers: RB International Holdings Limited (Acquirer-1), Suyog Yogesh Desai (Acquirer-2), and Nikita Suyog Desai (Acquirer-3). This action follows the execution of the SPA with Virat Sevantilal Shah and Alok Virat Shah, who collectively hold 63,65,924 Equity Shares, representing 70.66% of the Target Company's equity share capital.

Key Offer Details and Timeline​

The Open Offer is directed at the public shareholders of RR Metalmakers India Limited. The Tendering Period for the Open Offer is set to commence on Wednesday, September 23, 2026, and will close on Wednesday, October 7, 2026.

Details of the proposed acquisition are as follows:


The Open Offer is not conditional upon any minimum level of acceptance. The Acquirers have confirmed that the offering price, at ₹23.85 per Equity Share, is justified based on valuation parameters provided by Maitri Valuation Private Limited, an independent Registered valuer (SFA).

Target Company and Acquisition Objectives​

RR Metalmakers India Limited is a public limited company incorporated in 1995 and operates in the wholesale trading of steel and iron ores. The company’s shares are listed and traded on BSE Limited under Enhanced Surveillance Measure (ESM) -stage 2, and its ISIN is INE117K01013.

The prime objective of the Acquirers for this acquisition is to secure a substantial stake in and control over the Target Company. Post completion of the Open Offer, assuming full acceptance, the combined shareholding of the Acquirers is projected to reach 87,08,219 Equity Shares, representing 96.66% of the Equity Share Capital of the Target Company.

The acquisition by the Acquirers and the resultant control of the Target Company are subject to the terms and conditions of the SPA. The sellers (Virat Sevantilal Shah and Alok Virat Shah) will be re-classified as public with effect from the date of consummation of the Underlying Transaction.

Offer Mechanics​

The Open Offer is being managed by Vivro Financial Services Private Limited, which serves as the Manager to the Offer.

Shares tendered under this Open Offer are subject to certain requirements for all Public Shareholders:

• Documentation: Shareholders must ensure that the Equity Shares are free from all liens and encumbrances.
• Compliance: All public shareholders, whether resident or non-resident, must obtain all requisite approvals necessary to tender their Equity Shares, including approval from the RBI if applicable. The Acquirers reserve the right to reject any shares not accompanied by such previous approvals.
• Settlement: Payment for accepted tenders will be processed within 10 Working Days from the closure of the Tendering Period.

The offer is made through an off-market route, with the Public Shareholders who validly tender and accept their Equity Shares being subject to applicable capital gains tax.

Stock Price Movement​

RR MetalMakers India Ltd shares settled at ₹67.81 on Thursday, marking a decline of 1.99%. The stock traded completely flat throughout the session, as both the intraday high and low were recorded identically at ₹67.81.