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Awaiting price reaction for this filing.
Six members of the Thanki family along with Rawmin Mining and Industries Private Limited (PAC) have issued a Detailed Public Statement for a mandatory open offer to acquire up to 67,50,000 equity shares (26% of equity share capital) of Glittek Granites Limited from public shareholders at Rs. 12.65 per share, amounting to a total consideration of Rs. 8.54 crore. This offer is triggered by a Share Purchase Agreement (SPA) signed on January 6, 2025 with the existing promoters (Manjula Agarwal, Tushar Agarwal, Ashoke Agarwal, Ashoke Agarwal & Others HUF, and Kosen Ventures Private Limited) for the purchase of 1,63,51,010 shares (62.99% stake) at the same price of Rs. 12.65, aggregating to Rs. 20.68 crore. Upon completion, the acquirers will hold 88.99% of Glittek Granites, resulting in a change of control and management. Post-offer, public shareholding may fall below the mandatory 25% minimum, for which the acquirers will need to take corrective action. The acquirers, with backgrounds in mining and minerals, intend to expand Glittek Granites' granite business.
This is a takeover event that will result in change of control from the Agarwal family to the Thanki family/Rawmin Mining group. Shareholders may tender their shares at the open offer price of Rs. 12.65 in cash. The stock may see increased price activity approaching the offer dates. The promoter group change may bring a shift in business strategy toward mining-related activities.