Glittek Granites IDC Recommends ₹12.65 Open Offer Price as Fair and Reasonable

An open offer has been announced to acquire up to 67,50,000 fully paid-up equity shares of Glittek Granites Limited , representing 26% of the company's equity share capital, at a price of ₹12.65 per equity share payable in cash, aggregating to a total consideration of ₹8,53,87,500. The acquirers include Maheshkumar Jatashankar Thanki, Bhargav Girjashankar Thanki, Bhavin Harihar Thanki, Kalpana Ashwinkumar Thanki, Hema Bhargav Thanki, and Gautam Ashwinkumar Thanki, along with Rawmin Mining And Industries Private Limited acting as the Person Acting in Concert (PAC).

Independent Directors Committee Recommendation

The Committee of Independent Directors (IDC) of Glittek Granites held its meeting on May 13, 2026, pursuant to Regulation 26(7) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The meeting commenced at 2:00 PM and concluded at 3:30 PM. The IDC unanimously concluded that the offer price of ₹12.65 per equity share is fair and reasonable, having been determined in accordance with Regulation 8 of the SEBI (SAST) Regulations as the highest among the prescribed parameters.

The IDC's recommendation was based on the following key considerations:

The offer price of ₹12.65 per share is equal to the negotiated price under the Share Purchase Agreement (SPA)

The offer price is higher than the volume-weighted average market price of ₹12.39 per equity share for the sixty trading days immediately preceding the date of the Public Announcement on BSE Limited

The offer price has been determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations

The acquirers intend to strengthen and improve the operational efficiencies of the target company

However, the IDC drew attention to the closing market price of the equity shares on BSE Limited as on May 12, 2026, being ₹44.78 per equity share, which is significantly higher than the offer price. Public shareholders were advised to independently evaluate the open offer and the market performance of the company's scrip before making a decision on tendering their shares.

The IDC's recommendation was published on May 14, 2026, in Financial Express (English, All editions), Jansatta (Hindi, All editions), Navshakti (Marathi, Mumbai edition), and Udaykala (Kannada, Bangalore edition).

Committee Composition and Independence

The IDC comprises three Non-Executive Independent Directors of the target company. The committee members confirmed no conflict of interest in relation to the open offer, enabling them to provide an unbiased and objective recommendation.

IDC Member Role Manish Killa Chairperson Malvika Sureka Member Siddhartha Agarwal Member

None of the IDC members hold any directorship or equity shares in the acquirers or the PAC. Mr. Manish Killa holds 770 equity shares in the target company, acquired through the open market on March 05, 2026. He also sold 700 equity shares through the open market on February 03, 2026. No other IDC member holds equity shares in the target company, and there are no material pecuniary relationships or transactions between the IDC members and the target company.

Offer Schedule and Key Details

The open offer follows a Share Purchase Agreement dated January 6, 2026, under which the acquirers agreed to purchase 1,63,51,010 equity shares, representing 62.99% of the equity share capital, at ₹12.65 per share. The mandatory open offer is triggered by the substantial acquisition of shares and voting rights, leading to a change in control and management. The acquirers have deposited ₹2,13,50,001 into an escrow account with ICICI Bank Limited, representing more than 25% of the total consideration payable under the offer.

The following table summarises the key parameters of the open offer:

Parameter Details Offer Size 67,50,000 Equity Shares (26%) Offer Price ₹12.65 per share Total Consideration ₹8,53,87,500 Market Price (May 12, 2026) ₹44.78 per share 60-Day VWAP ₹12.39 per share Offer Opening Date May 19, 2026 Offer Closing Date June 2, 2026 Manager to the Offer Vivro Financial Services Private Limited Registrar to the Offer MUFG Intime India Private Limited

The offer is not conditional upon any minimum level of acceptance, and upon completion, the acquirers and PAC will be classified as the promoters and promoter group of the company.

Glittek Granites has informed the stock exchange of a forthcoming Board of Directors meeting, scheduled in compliance with Regulation 29 of the Listing Regulations. The meeting is set to take place on Thursday, May 21, 2026, at 11:00 A.M., with the primary agenda being the consideration, recording, and approval of the company's audited financial results for the quarter and year ended March 31, 2026. The intimation was formally communicated to the Corporate Relation Department of The Stock Exchange, Mumbai, on May 12, 2026.

Board Meeting Details

The following key details have been disclosed regarding the upcoming board meeting:

Parameter: Details Meeting Date: Thursday, May 21, 2026 Meeting Time: 11:00 A.M. Regulatory Basis: Regulation 29 of the Listing Regulations Agenda: Approval of Audited Financial Results Period Under Review: Quarter and Year ended March 31, 2026 Intimation Date: May 12, 2026 Signatory: Lata Bagri, Company Secretary

Purpose of the Meeting

The board meeting has been convened specifically to consider and approve the audited financial results of the company for both the fourth quarter and the full financial year ended March 31, 2026. The notice was issued under Regulation 29 of the Listing Regulations, which mandates listed companies to provide advance intimation to stock exchanges prior to board meetings where financial results are to be considered. The communication was addressed to the Corporate Relation Department at The Stock Exchange, Mumbai.

Company Information

Glittek Granites is registered under CIN: L14102KA1990PLC023497. The company's registered office is located at Honnappa Building, 2nd Floor, V.V. Extension, Behind MCM ITI College, Old Madras Road, Hoskote, Bangalore Rural, Karnataka, India – 562114. The corporate office is situated at "Krishna", 7th Floor, 224, A.J.C. Bose Road, Kolkata – 700 017.

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