APPROVAL OF PURCHASE AGREEMENT
Price
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Awaiting price reaction for this filing.
The Board of Glittek Granites has approved a Share Purchase Agreement (SPA) for the sale of 1,63,51,010 equity shares, representing 62.99% of the fully paid-up share capital, from the existing promoter group (Manjula Agarwal, Tushar Agarwal, Ashoke Agarwal, Ashoke Agarwal & Others HUF, and Kosen Ventures Private Limited) to a new group of acquirers led by the Thanki family (Maheshkumar, Bhargav, Bhavin, Kalpana, Hema, and Gautam Thanki). This effectively results in a complete change of control of the company, subject to regulatory approvals including SEBI's Takeover Regulations, 2011. The transaction must still clear all statutory and contractual approvals before completion.
This is a major change-of-control event — the current promoter group is exiting nearly all their stake while a new promoter group takes over. Expect significant stock price volatility around key milestones (open offer, regulatory approvals), and a new strategic direction under the Thanki family once the deal closes.