RMRR MetalMakers India531667Open offer update

Committee of Independent Directors: open offer price of ₹36.83 per share appears fair and reasonable

The Committee of Independent Directors of RR MetalMakers India Ltd has given its recommendation on the ongoing open offer.

By ScoutQuest · Tue 20 Oct 2026, 4:00 PM IST · 2 min read

Offer Price

₹36.83 per Equity Share

Offer Size

up to ~23.42 lakh Equity Shares (26.00% of the equity share capital)

Compensatory Interest / Market Price Reference

compensatory interest of ₹12.98 per share; BSE closing price on October 19, 2026 was ₹45.02 per share

The Committee of Independent Directors (IDC) of RR MetalMakers India Limited met on October 20, 2026 at 11:00 a.m. and gave its recommendation on the open offer being made by RB International Holdings Limited, Suyog Yogesh Desai and Nikita Suyog Desai.

What the open offer is

The acquirers are offering to buy up to ~23.42 lakh Equity Shares, representing 26.00% of the equity share capital of the target company, from public shareholders at ₹36.83 per Equity Share, payable in cash. The maximum consideration works out to ₹8,62,66,724.85.

How the ₹36.83 is built up

• ₹23.85 per Equity Share was the negotiated price under the Share Purchase Agreement dated July 30, 2026.
• ₹12.98 per Equity Share is compensatory interest, taking the offer price to ₹36.83 per Equity Share.
• SEBI, by its Observation Letter dated October 8, 2026, directed the acquirers to pay compensatory interest at 10% per annum under Regulation 18(11A) of the SEBI (SAST) Regulations, on certain historical acquisitions of shares by the sellers during FY 2019-20 and FY 2021-22 at various prices.
• That interest was computed on the historical highest acquisition price of ₹21.29 per Equity Share, calculated up to the expected date of payment to public shareholders under the current open offer.

The update states that the offer price was accordingly enhanced from ₹23.85 per Equity Share to ₹36.83 per Equity Share, inclusive of compensatory interest of ₹12.98 per Equity Share.

Price context flagged by the Committee

The IDC drew attention of eligible shareholders to the closing market price of the equity shares on BSE Limited as on October 19, 2026, being ₹45.02 per Equity Share, which is higher than the offer price.

The recommendation

The IDC said the offer price of ₹36.83 per Equity Share, determined in accordance with Regulation 8 of the SEBI (SAST) Regulations, and based on the disclosures in the open offer documents, appears to be fair and reasonable. The recommendation was unanimously approved by the members of the IDC — Leena Nishad Jail and Samir Mukund Patil.

The IDC also advised the public shareholders to independently evaluate the open offer and take an informed decision about whether or not to tender their equity shares.

Where the recommendation appears

The statement of recommendation will be published on Thursday, October 22, 2026 in Business Standard (English, all editions), Business Standard (Hindi, all editions) and Navshakti (Marathi, Mumbai edition), and will be available on the company's website at www.rrmetalmakers.com.

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