Vivro Financial Services Pvt. Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Public Shareholders of Glittek Granites Ltd ("Target Company").
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Vivro Financial Services has submitted the Letter of Offer for a mandatory open offer to acquire up to 67,50,000 equity shares (26% of share capital) of Glittek Granites Ltd at ₹12.65 per share. The offer opens on May 19, 2026 and closes on June 2, 2026. This open offer is triggered under SEBI (SAST) Regulations following an underlying share purchase agreement where the acquirers (6 individuals led by Maheshkumar Jatashankar Thanki) along with Rawmin Mining and Industries Private Limited (PAC) are acquiring 62.99% stake from the existing promoters for ₹20.68 crore. The total maximum consideration for the open offer is ₹8.53 crore, payable in cash. The offer price of ₹12.65 reflects a 4.7% discount to the prevailing market price of ₹13.28 at the time of the public announcement in January 2026.
The open offer provides an exit opportunity to public shareholders at ₹12.65 per share. Upon completion, the acquirers will control approximately 89% of the company, reducing public shareholding below the 25% minimum public shareholding requirement, which the acquirers have committed to comply with under Regulation 7(4) of SEBI (SAST) Regulations.