Description

An open offer has been announced by six acquirers along with PAC Rawmin Mining And Industries Private Limited to acquire up to 67,50,000 equity shares (26%) of Glittek Granites Limited at Rs. 12.65 per share. The offer window runs from May 19 to June 2, 2026.

Summary

BSE Notice No. 20260518-1 announces the opening of an Offer to Buy (Acquisition Window) under the takeover mechanism for Glittek Granites Limited. Six acquirers — Maheshkumar Jatashankar Thanki, Bhargav Girjashankar Thanki, Bhavin Harihar Thanki, Kalpana Ashwinkumar Thanki, Hema Bhargav Thanki, and Gautam Aahwinkumar Thanki — along with Person Acting in Concert (PAC) Rawmin Mining And Industries Private Limited, are making an open offer to public shareholders of Glittek Granites Limited.

Key Points

  • Offer price: Rs. 12.65 (Rupees Twelve and Paise Sixty Five) per equity share, payable in cash
  • Shares targeted: up to 67,50,000 (Sixty Seven Lakhs Fifty Thousand) fully paid-up equity shares
  • Acquisition size: 26% of the total equity share capital of Glittek Granites Limited
  • Face value of shares: Rs. 5 per equity share
  • Offer made under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (as amended), specifically Regulations 3(1) and 4
  • The Letter of Offer is attached to the notice for market participant review
  • Offer details are available on the BSE website at www.bseindia.com

Regulatory Changes

No new regulatory changes. The offer is conducted pursuant to the existing SEBI framework:

  • SEBI Circular No. CIR/CFD/POLICYCELL/1/2015 dated April 13, 2015
  • SEBI Circular No. CFD/DCR2/CIR/P/2016/131 dated December 9, 2016
  • BSE Exchange notices: 20170210-16 (Feb 10, 2017), 20190424-35 (April 24, 2019), 20200528-32 (May 28, 2020), 20201102-43 (Nov 2, 2020), and 20210825-62 (Aug 25, 2021) covering Revised Guidelines for acquisition of shares through the stock exchange for tender offers under Takeovers, Buybacks, and Delisting.

Compliance Requirements

  • Trading Members and Custodians must note the open offer window and facilitate transactions in accordance with the SEBI and BSE revised guidelines for acquisition through the stock exchange tender-offer mechanism.
  • All market participants must process the offer in compliance with SEBI (SAST) Regulations, 2011 and related BSE notices.
  • The offer must follow the Revised Guidelines per SEBI Circular No. CFD/DCR2/CIR/P/2016/131 and BSE notices 20170210-16 and 20190424-35.

Important Dates

  • Notice Date: May 18, 2026
  • Offer Opens: Tuesday, May 19, 2026
  • Offer Closes: Tuesday, June 2, 2026
  • Excluded Date: May 28, 2026 (SEBI Holiday — not counted in offer window)

Impact Assessment

This is a significant corporate action for Glittek Granites Limited shareholders. Public shareholders of the target company have the opportunity to tender their shares at the offer price of Rs. 12.65 per share during the offer window (May 19 – June 2, 2026). The acquisition of 26% of equity share capital by the acquirer group — if fully subscribed — would represent a substantial change in the ownership structure of the company. Trading members and custodians must be prepared to handle client orders and settlements under the BSE’s tender-offer acquisition mechanism for the duration of the offer window. The offer is binding under SEBI (SAST) Regulations, 2011.

Impact Justification

This is a formal open offer/takeover acquisition window notice for Glittek Granites Limited involving six acquirers and a PAC seeking to acquire 26% of the company's equity capital. It directly affects public shareholders of the target company and requires market participants to facilitate the tender offer through the stock exchange mechanism.