Multibagger penny stock hit an all-time high after the company announced share purchase agreement and open offer details

On Tuesday, shares of Glittek Granites Ltd hit a 5 per cent to an all-time high of Rs 16.92 per share from its previous closing of Rs 16.12 per share. The company has a market cap of Rs 44 crore and the stock has given multibagger returns of 580 per cent from its 52-week low of Rs 2.49 per share.

The Offer and Acquisition

A group of six individual acquirers, led by Maheshkumar Jatashankar Thanki and supported by Rawmin Mining and Industries Private Limited (PAC), has launched a mandatory open offer to acquire up to 67,50,000 equity shares of Glittek Granites Limited. This represents 26% of the company's total equity share capital. The offer is priced at Rs 12.65 per share, payable in cash, totalling a maximum consideration of approximately Rs 8.54 crore. This move follows a Share Purchase Agreement (SPA) dated January 6, 2026, to acquire a 62.99% stake from the existing promoters, triggering SEBI’s substantial acquisition and takeover regulations.

Acquirers’ Background and Intent

The acquirers are experienced professionals in the mining and mineral trading sectors, with substantial net worths certified as of December 2025. Their primary objective is to gain management control of Glittek Granites to expand and diversify its business activities into related mineral industries. While they intend to maintain the company’s listing status on the BSE, they have noted that if public shareholding falls below the required 25% minimum due to this offer, they will take necessary steps to restructure the holding in compliance with SEBI guidelines.

Timeline and Participation

The open offer process is managed by Vivro Financial Services Private Limited, with the tendering period scheduled to run from March 10, 2026, to March 24, 2026. Eligible public shareholders will receive a Letter of Offer by March 2, 2026 and can participate through the stock exchange mechanism via their respective brokers. The acquirers have already secured the required escrow funds, depositing over Rs 2.13 crore with ICICI Bank to guarantee the fulfilment of their payment obligations by the expected completion date in April 2026.

About the Company

Incorporated in 1990 and based in Bengaluru, Glittek Granites Limited is a premier manufacturer, trader and exporter of high-quality finished granite and natural stone products. Operating as a 100 per cent Export Oriented Unit (EOU) with the status of a recognised Export House, the company utilises state-of-the-art machinery imported from Germany and Italy to produce an extensive portfolio including granite, marble, sandstone, quartz and semi-precious stones. Its specialised offerings feature diverse surface finishes—such as mirror-polish, honed, flamed and leather—tailored for premium applications in flooring, wall cladding and countertops across global markets, including the USA, UK and the Middle East.

Disclaimer: The article is for informational purposes only and not investment advice.