RR MetalMakers India531667Open offer announcement

Letter of Offer: open offer for up to 23,42,295 shares (26%) at Rs. 36.83 per share

Open offer by RB International Holdings Ltd, Suyog Yogesh Desai and Nikita Suyog Desai to buy up to 23,42,295 shares (26%) of RR MetalMakers India Ltd at Rs. 36.83 per share, which includes Rs. 12.98 compensatory interest per share.

By ScoutQuest · Mon 19 Oct 2026, 1:46 PM IST · 2 min read

₹ 36.83Offer price per equity share

Price revision₹ 23.85

Compensatory interest per equity share₹ 12.98

Offer price per equity share ₹ 36.83: Price revision ₹ 23.85, Compensatory interest per equity share ₹ 12.98.

Offer price per share: Rs. 36.83 per share (includes Rs. 12.98 compensatory interest per share)
Offer size: up to 23,42,295 shares (26%) of RR MetalMakers India Ltd
Offer period: Opens 26 Oct 2026, closes 6 Nov 2026

What is being offered

Three acquirers are making the offer: RB International Holdings Limited, Suyog Yogesh Desai and Nikita Suyog Desai.
They propose to acquire up to 23,42,295 fully paid-up equity shares of face value Rs. 10/- each of RR MetalMakers India Limited.
This is 26% of the equity share capital of the target company.
The offer price is Rs. 36.83 per equity share, payable to public shareholders who tender their shares.

Why the price is what it is

The offer price includes compensatory interest of Rs. 12.98 per equity share.
The update records that certain historical acquisitions of shares by the sellers in FY 2019-20 and FY 2021-22 had triggered a mandatory open offer at the time, which the sellers failed to make.
To address this, SEBI directed the acquirer to revise the offer price from Rs. 23.85 per equity share, taking the higher historical acquisition price of Rs. 21.29 paid by the sellers plus interest at 10% per annum up to the expected payment date.
The update also states that SEBI may initiate suitable action against the sellers in respect of that prior non-compliance.

How the offer works

The offer is not conditional on any minimum level of acceptance.
Shares will be acquired through the off-market tender offer route; securities transaction tax will not apply to shares accepted in the offer, and capital gains tax may apply.
Shares once tendered cannot be withdrawn during the tendering period, even if payment is delayed.
The offer is not a competing offer, and there has been no competing offer as on the date of the Letter of Offer.

Key dates

Offer opens: Monday, 26 October 2026.
Offer closes: Friday, 6 November 2026.
Last date for upward revision of the offer price or offer size: Thursday, 22 October 2026.
Last date for communicating acceptance or rejection and completing payment: Monday, 23 November 2026.

Points to keep in mind

The equity shares are listed on BSE and are placed under the Enhanced Surveillance Measure (ESM) stage 0; trading may be restricted to specific periodic call auction windows and be subject to transaction caps and higher margin/trade-to-trade requirements.
Public shareholding may fall below the minimum requirement of 25.00% after the offer and the underlying transaction; the acquirers will comply with Regulation 7(4) of the SEBI (SAST) Regulations to maintain the minimum public shareholding.
Non-resident shareholders, including NRIs and FPIs, must submit the approvals they hold for their shares; shares without such documents may be rejected.

Takeaway

For public shareholders, this is a formal exit window at a stated price, open for a defined period, with the price already revised upward once on SEBI's direction. Whether to tender is a decision each shareholder has to take after reading the full terms, the tax note and the risk factors.

26%Equity share capital

Equity share capital: 26%.

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