Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer to the Public Shareholders of TMT India Ltd ("Target Company").
Awaiting price reaction for this filing.
Three entities (Yoga Builders Private Limited, Scaffold Properties Private Limited, and MK Profinlease Private Limited) have entered into Share Purchase Agreements to acquire 52.81% stake (26,16,210 shares) from existing promoters at Re. 1 per share. This acquisition triggered a mandatory open offer under SEBI (SAST) Regulations 3(1) and 4 for substantial acquisition with change in control. The acquirers are now making an open offer to public shareholders to acquire up to 12,87,988 equity shares (26%) at Rs. 10 per share. The offer opens on June 12, 2026 and closes on June 25, 2026. Post full acceptance, acquirers will hold 78.81% of the company and become its new promoters. The acquirers belong to Kothari Products Limited group and intend to continue and potentially expand the company's business operations.
This represents a change in control of TMT India Limited with new promoters from the Kothari group taking over. Existing public shareholders have an opportunity to tender their shares at Rs. 10 per share. Post-offer, public shareholding may fall below 25%, requiring the acquirers to take action to maintain listing status.