RB International leads ₹55.8 crore open offer for RR Metalmakers stake
What's the deal? RB International Holdings and two associates, Suyog Yogesh Desai and Nikita Suyog Desai, have launched a mandatory open offer to buy up to 26% of RR Metalmakers IndiaDealroom has a profile for this one. Try Dealroom → from public shareholders. The offer is priced at ₹23.85 per share, for a maximum ₹5,58,63,735.75. It covers up to 23,42,295 equity shares, payable in cash.
Why now? The offer follows a July 30, 2026 Share Purchase Agreement in which RR Metalmakers' promoters sold a controlling 70.66% stake for ₹15,18,27,287.40. That acquisition triggered takeover obligations under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
What changes? The transaction marks a complete change in control. RB International, controlled by Ashmeet Singh Kandhari, Swarn Lata Kandhari, and Harpal Singh Kandhari, becomes the new promoter group, while existing promoters Virat Sevantilal Shah and Alok Virat Shah are reclassified as public.
What the numbers show: The open offer price matches the SPA price, ensuring public shareholders receive the same valuation as the exiting promoters. The acquirers held no prior equity, making this a fresh entry into the company's capital structure. Vivro Financial ServicesDealroom has a profile for this one. Try Dealroom → is manager to the offer.
What could go wrong? If the offer is fully subscribed, promoter holding would rise from 70.66% to 96.66%, sharply cutting free float and potentially hurting liquidity. The acquirers intend to keep RR Metalmakers listed on BSE, with no delisting proposed.
The signal: The deal reflects how India's takeover code channels changes of control through open offers that extend the same exit terms to minority holders. For RR Metalmakers, it means new ownership without leaving the public market — though at the cost of a much thinner float.
Read more: scanx.trade
Image credit: Artem Beliaikin
