Glittek Granites Ltd acquires 70.6% of its shares in off‑market transaction

What Glittek Granites announced

On 30 June 2026, Glittek Granites Ltd filed a disclosure under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011. The filing reveals that a group of individuals – the Thanki family – together with Rawmin Mining And Industries Private Limited, have acquired a controlling stake in the company. The acquisition brings their combined holding to 70.59 % of the total voting capital, amounting to 1,83,24,613 equity shares.

"The Acquirers have acquired an aggregate of 1,63,51,010 equity shares from the Sellers and an additional 19,73,603 shares through the Open Offer, totalling 1,83,24,613 shares (70.59 %)." – Glittek Granites filing, 30 June 2026.

Details of the acquisition

Parties involved

The acquirers are not part of the promoter group of Glittek Granites, as noted in the filing.

Share purchase breakdown

• Off‑market transaction – Under a Share Purchase Agreement (SPA) dated 6 January 2026, the acquirers bought 1,63,51,010 shares (62.99 % of the equity capital) from the listed sellers.
• Open‑offer tender – Public shareholders tendered 19,73,603 shares (7.60 % of the equity capital). Payment for these shares was made on 9 June 2026, and the shares are currently held in a special escrow account awaiting transfer to the acquirers’ demat accounts.
• Total acquisition – Combining both components, the acquirers now hold 1,83,24,613 shares, representing 70.59 % of the total voting capital.

Timing and mode

• Date of off‑market acquisition: 25 June 2026.
• Date of open‑offer payment: 9 June 2026.
• Mode of acquisition: Off‑market purchase complemented by an open‑offer process, as required under the SEBI takeover code.

Key facts at a glance

Why this matters for investors

The filing confirms that a single concert party now controls more than two‑thirds of Glittek Granites’ equity. Under SEBI’s takeover regulations, such a level of ownership obliges the acquirers to make an open offer to the remaining shareholders, which they have already completed for 7.60 % of the shares. The escrow of the tendered shares indicates that the transfer to the acquirers’ demat accounts is pending, but the transaction is already reflected in the shareholding pattern.

For existing shareholders, the key implications are:

• Consolidated control: Decision‑making power rests with the Thanki family and Rawmin Mining, potentially influencing board composition, strategic direction, and dividend policy.
• No immediate dilution: The total number of issued shares remains unchanged at 2,59,59,400; the transaction is a transfer of existing shares.
• Regulatory compliance: The acquisition has been reported in accordance with SEBI’s Substantial Acquisition of Shares & Takeovers Regulations, ensuring that the process adheres to statutory disclosure requirements.

Investors should monitor any subsequent filings for changes in the shareholding pattern, especially any further disposals or additional offers that could affect the remaining public float.

Conclusion

Glittek Granites Ltd’s 30 June 2026 filing confirms that the Thanki family and Rawmin Mining have acquired a 70.59 % stake through an off‑market purchase and an open‑offer tender. The transaction is complete from a share‑ownership perspective, with the tendered shares held in escrow pending dematerialisation. The company now has a clear majority shareholder, and future disclosures will reveal how this new ownership structure translates into corporate actions.

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FAQs

Q1: What percentage of Glittek Granites’ shares did the acquirers obtain? A: The acquirers now hold 70.59 % of the total voting capital, equivalent to 1,83,24,613 shares.

Q2: How were the shares acquired? A: 1,63,51,010 shares were bought off‑market from the sellers under an SPA dated 6 January 2026, and an additional 19,73,603 shares were obtained through an open‑offer tender on 9 June 2026.

Q3: Are the acquirers part of the promoter group? A: No. The filing explicitly states that the acquirers do not belong to the promoter or promoter group.

Q4: What is the status of the tendered shares? A: The tendered shares are currently held in a special escrow account and will be transferred to the acquirers’ demat accounts once the escrow process is completed.

Q5: Does the acquisition affect the total number of shares issued by the company? A: No. The total equity share capital remains at 2,59,59,400 shares before and after the acquisition.

Q6: What regulatory framework governs this transaction? A: The acquisition is disclosed under SEBI Regulation 29(1) of the Substantial Acquisition of Shares & Takeovers Regulations, 2011, which mandates reporting of any acquisition crossing the 5 % threshold.