Open offer price revised upward from ₹ 23.85 to ₹ 36.83 per share; corrigendum issued

Corrigendum to the open offer for up to 23,42,295 shares (26.00%) of RR MetalMakers India Ltd.

Tue 6 Oct 2026

Revised offer price per share

₹ 36.83 per share (revised upward from ₹ 23.85)

Compensatory interest per share

₹ 12.98

Maximum consideration at revised price

₹ 8,62,66,724.85

Open offer price revised upward

• A corrigendum has been issued to the Public Announcement, Detailed Public Statement and Draft Letter of Offer for the open offer for RR MetalMakers India Ltd.
• The price payable to public shareholders stands enhanced from ₹ 23.85 per equity share to ₹ 36.83 per equity share.
• Of this, ₹ 12.98 per equity share is compensatory interest.

What the offer is about

• The offer is for acquisition of up to 23,42,295 equity shares of face value ₹ 10 each, representing 26.00% of the equity share capital of the target company.
• The acquirers are RB International Holdings Limited (Acquirer 1), Suyog Yogesh Desai (Acquirer 2) and Nikita Suyog Desai (Acquirer 3).
• It is made under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Why the price changed

• SEBI observed certain historical acquisitions of equity shares by the selling shareholders in FY 2019-20 and FY 2021-22 at various prices, which had triggered an open offer obligation under these regulations.
• To address these historical compliance matters, the revised offer price was calculated by taking the historical highest acquisition price of ₹ 21.29 and adding compensatory interest at 10% per annum under Regulation 18(11)(a).
• The details on the rationale and justification of the revised offer price are to be included in the Letter of Offer to be despatched to shareholders, and references in the Public Announcement, Detailed Public Statement and Draft Letter of Offer are to be read accordingly.
• It is stated that there is no change in the underlying transaction.

Bigger offer size and the money involved

• As a consequence of the upward revision in the offer price, the maximum consideration payable by the acquirers under the offer, assuming full acceptance, will be ₹ 8,62,66,724.85.

Financial arrangement

• The acquirers are in the process of increasing the value of the Escrow Account and depositing additional cash in the Escrow Account.

What a public shareholder may note

• This is an open offer made by the acquirers to the public shareholders of the target company, and the corrigendum changes the price and the size of the offer from what was earlier stated.
• Shareholders who wish to take a view on the offer can compare the revised offer price of ₹ 36.83 per share with the earlier stated price of ₹ 23.85 per share, and note that the maximum consideration of ₹ 8,62,66,724.85 assumes full acceptance of the offer by the public shareholders.
• The corrigendum has been published in Business Standard (English and Hindi, all editions) and Navshakti (Marathi, Mumbai edition).

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