Glittek Granites Ltd transfers 62.99% equity to Thanki family in off‑market deal

What Glittek Granites announced

Glittek Granites Limited filed a disclosure with BSE on 29 June 2026 under SEBI’s Regulation 29(2) read with 29(3). The filing states that the sellers – a group of individuals and entities from the Agarwal family and Kosen Ventures Pvt Ltd – have transferred 16,351,010 equity shares, representing 62.99 % of the total equity share capital and voting rights, to a consortium of acquirers led by Mr Maheshkumar Jatashankar Thanki, Mr Bhargav Girjashankar Thanki, Mr Bhavin Harihar Thanki, Mrs Kalpana Ashwinkumar Thanki, Mrs Hema Bhargav Thanki and Mr Gautam Ashwinkumar Thanki. The transfer was carried out through an off‑market transaction and the acquirers, together with Rawmin Mining And Industries Pvt Ltd (the Persons Acting in Concert – PAC), became the new promoter group effective 26 June 2026.

Details of the share transfer

• Share Purchase Agreement (SPA): Dated 6 January 2026, between the sellers and the acquirers.
• Number of shares transferred: 1,63,51,010 shares (rounded to 16.35 million).
• Face value: Rs 5 per share.
• Percentage of total equity and voting rights: 62.99 %.
• Mode of acquisition: Off‑market transfer (refer to Note 1 in the filing).
• Date of acquisition/sale: 25 June 2026 (date of share transfer); effective control change on 26 June 2026.
• Equity share capital before and after: Unchanged at 2,59,59,400 fully paid‑up shares, aggregating to Rs 12.97 crore.
• Seller holdings before transfer:
  • Ashoke Agarwal – 665,888 shares (2.57 %).
  • Manjula Agarwal – 1,498,735 shares (5.77 %).
  • Tushar Agarwal – 1,203,387 shares (4.64 %).
  • Ashoke Agarwal & Others (HUF) – 8,000 shares (0.03 %).
  • Kosen Ventures Pvt Ltd – 12,975,000 shares (49.98 %).
• Acquirer group: The six Thanki individuals plus PAC (Rawmin Mining And Industries Pvt Ltd).

Promoter group change

The filing explicitly notes that upon completion of the share transfer and the related open‑offer process, the sellers will cease to be members of the promoter and promoter group of Glittek Granites. Conversely, the acquirers and PAC will become members of the promoter and promoter group with effect from 26 June 2026. This marks a complete change in the controlling shareholder base, shifting from the Agarwal‑Kosen family to the Thanki family and their associate PAC.

Regulatory compliance

The disclosure satisfies the requirements of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, specifically Regulation 29(2) and 29(3). The company submitted the required annexure detailing the shareholding percentages before and after the transaction, the mode of acquisition, and the identities of the acquirers and persons acting in concert. The filing also references the open‑offer process that the acquirers are required to undertake under the takeover code, although the open‑offer details are not part of this excerpt.

Key facts at a glance

Why this matters for investors

• Control shift: The change in promoter group means that voting power and strategic decision‑making have moved from the former Agarwal‑Kosen sellers to the Thanki family and their associate PAC. Existing shareholders now have a different set of promoters representing their interests.
• No dilution of share capital: The transaction was a share purchase; no new shares were issued. Consequently, the total number of shares and the paid‑up capital remain unchanged, and there is no immediate dilution of existing shareholders’ proportional ownership.
• Regulatory transparency: By filing under SEBI’s takeover regulations, the company has provided a clear, statutory record of the shareholding change, satisfying disclosure norms and giving investors a documented basis for assessing the new ownership structure.
• Potential impact on governance: With a new promoter group, board composition, management appointments, and future strategic direction may be revisited. However, the filing does not disclose any specific plans beyond the change in shareholding.

Conclusion

Glittek Granites Ltd has completed an off‑market transfer of 62.99 % of its equity to the Thanki family and Rawmin Mining, effectively ending the Agarwal‑Kosen family’s promoter status. The share capital remains unchanged, and the transaction complies with SEBI’s takeover regulations. While the change in control is material, further corporate actions or strategic shifts, if any, will be disclosed in future filings.