RMRR MetalMakers India531667Open offer announcement

Letter of Offer received for open offer of up to 23,42,295 shares at ₹ 36.83 each

The company has received the Letter of Offer for an open offer by RB International Holdings Ltd, Suyog Yogesh Desai and Nikita Suyog Desai.

By ScoutQuest · Mon 19 Oct 2026, 3:03 PM IST · 2 min read

Offer Size

Up to 23,42,295 shares, or 26% of the equity share capital

Offer Price

₹ 36.83 per share, including ₹ 12.98 compensatory interest

Offer Period

Opens Monday, October 26, 2026; closes Friday, November 6, 2026

What the offer is

• The offer is made by RB International Holdings Limited, Suyog Yogesh Desai and Nikita Suyog Desai, together called the Acquirers.
• They propose to acquire up to 23,42,295 fully paid-up equity shares of face value ₹ 10/- each from public shareholders.
• This is 26% of the equity share capital of the company.
• The offer price is ₹ 36.83 per equity share in cash, which includes a compensatory interest amount of ₹ 12.98 per equity share.
• The offer is not conditional on any minimum level of acceptance.
• The shares are to be acquired through the off-market route using the tender offer method, as Acquirer-1 is a person resident outside India.

Why the price was revised

• Certain historical acquisitions of equity 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.
• Following SEBI's observation and discussions, SEBI directed the Acquirer to revise the offer price.
• The price moved from ₹ 23.85 per equity share to the Offer Price, taken as the higher historical acquisition price of ₹21.29 paid by the Sellers, plus interest at 10% per annum calculated up to the expected date of payment.
• This takes the price payable to public shareholders from ₹ 23.85 to ₹ 36.83 per equity share, including ₹ 12.98 of compensatory interest.
• SEBI may initiate suitable action against the Sellers in respect of the prior non-compliance.

Key dates

• Offer opens on Monday, October 26, 2026.
• Offer closes on Friday, November 6, 2026.
• Last date for upward revision of the offer price and/or offer size is Thursday, October 22, 2026.
• Last date for communicating acceptance or rejection and completing payment for accepted tenders, or returning unaccepted shares, is Monday, November 23, 2026.

Points for retail shareholders

• Shares once tendered cannot be withdrawn during the Tendering Period, even if acceptance and payment are delayed, and cannot be traded during that time.
• The shares are listed on BSE Limited and are placed under the Enhanced Surveillance Measure (ESM) - stage 0, so trading may be restricted to specific periodic call auction windows, with applicable transaction caps and higher margin requirements.
• As the acquisition is through the off-market route, securities transaction tax will not apply to the shares accepted in this offer, but capital gains tax may apply; shareholders should consult their own tax advisors.
• If public shareholding falls below the minimum requirement of 25.00%, the Acquirers will comply with Regulation 7(4) of the SEBI (SAST) Regulations to maintain the minimum public shareholding.
• Non-resident shareholders must obtain and submit any requisite approvals, including from the RBI, before their tendered shares can be accepted.
• The offer price may be revised upward until Thursday, October 22, 2026, and the same revised price would be payable to all shares tendered during the offer.

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