RR Metalmakers open offer gets zero tenders, stake stays 70.66%

RR Metalmakers India Limited’s open offer for 23,42,295 equity shares at Rs 36.83 each received no tenders between October 26 and November 6, 2026, leaving the acquirers with 63,65,924 shares, or 70.66%. The offer represented 26.00% of equity share capital, but no shares were accepted and no consideration was payable.

Why did RR Metalmakers’ open offer receive no tenders?

RR Metalmakers reported that no shareholder tendered shares in the open offer, which opened on October 26, 2026 and closed on November 6, 2026. Vivro Financial Services Private Limited, the manager to the offer, dated the post-offer advertisement November 12, 2026 and submitted it to BSE Limited on November 13, 2026.

The offer sought up to 23,42,295 equity shares, representing 26.00% of RR Metalmakers’ equity share capital, from public shareholders. The offer price was Rs 36.83 for each equity share with a face value of Rs 10. Because no shares were tendered, the actual number accepted through the offer was nil.

The maximum offer size, assuming full acceptance, was Rs 8.626672485 crore, calculated from 23,42,295 shares at Rs 36.83 each. Actual consideration was zero rupees because the offer generated no accepted shares, and the filing lists the payment date as not applicable.

What stake do the acquirers hold after the offer?

The acquirers hold 63,65,924 RR Metalmakers shares, or 70.66% of equity share capital, after the offer. This is unchanged from the stake acquired under the share purchase agreement dated July 30, 2026, as the open offer added no shares.

RB International Holdings Limited holds 55,35,924 shares, equal to 61.45%, after the offer. Suyog Yogesh Desai holds 4,15,000 shares, or 4.61%, and Nikita Suyog Desai also holds 4,15,000 shares, or 4.61%. Before the July 30 agreement and public announcement, the combined holding of the three acquirers was nil.

Under the full-acceptance assumption in the offer document, the acquirers would have held 87,08,219 shares, or 96.66%. RB International Holdings Limited would have held 72,78,219 shares, or 80.79%, while Suyog Yogesh Desai and Nikita Suyog Desai would each have held 7,15,000 shares, or 7.94%.

The difference between the assumed 96.66% holding and the actual 70.66% holding is the 26.00% offer block that was not tendered. The filing also records nil shares acquired after the detailed public statement published on August 6, 2026, so the reported post-offer holding reflects the July 30 share purchase agreement.

How did public shareholding change after RR Metalmakers’ offer?

Public shareholding in RR Metalmakers remained 26,42,900 shares, or 29.34%, both before and after the open offer. The unchanged figure follows from the nil tender outcome because no public shareholder transferred shares through the offer.

The filing compares that actual result with a full-acceptance scenario. If all 23,42,295 shares had been tendered and accepted, public shareholding would have fallen to 3,00,605 shares, or 3.34%, while the acquirers’ stake would have risen to 96.66%.

The comparison shows that ownership did not move during the October 26 to November 6 offer period. RR Metalmakers’ post-offer advertisement records the same 26,42,900 public shares in its pre-offer and post-offer columns, rather than the 3,00,605 shares assumed under full acceptance.

Who were the parties and what process preceded the outcome?

RB International Holdings Limited, Suyog Yogesh Desai and Nikita Suyog Desai were the acquirers in the RR Metalmakers offer. The offer was made under Regulations 3(1) and 4 of the Securities and Exchange Board of India’s Substantial Acquisition of Shares and Takeovers Regulations, 2011.

The three acquirers’ 63,65,924-share stake arose from the share purchase agreement dated July 30, 2026. The acquisition allocation was 55,35,924 shares for RB International Holdings Limited and 4,15,000 shares each for Suyog Yogesh Desai and Nikita Suyog Desai.

The public announcement was dated July 30, 2026, followed by a detailed public statement dated August 5 and published on August 6, 2026. A corrigendum to the public announcement, detailed public statement and draft letter of offer was published on October 6, 2026, while the letter of offer was dated October 15, 2026.

Vivro Financial Services Private Limited acted as manager to the offer and Adroit Corporate Services Private Limited was registrar to the offer. The pre-offer advertisement and corrigendum was dated October 22 and published on October 23, 2026, three days before the offer opened on October 26, 2026.

Conclusion

RR Metalmakers’ 26.00% open offer did not alter ownership because no shares were tendered at Rs 36.83 each. The acquirers remained at 63,65,924 shares, or 70.66%, and public shareholders retained 26,42,900 shares, or 29.34%, instead of falling to 3.34% under full acceptance.

The disclosed offer process ended with the November 6, 2026 closure and the November 12 post-offer advertisement. The filing does not disclose a further acquisition plan, target or scheduled corporate event; the next relevant disclosure would be one reporting any change from the stated 70.66% acquirer stake or 29.34% public holding.