Navigant Corporate Advisors Limited, as Manager to the Offer, submitted a Pre-Offer Advertisement to BSE Limited regarding an open offer for TMT (India) Limited (Target Company).
Offer Details
The open offer is made by Yoga Builders Private Limited (Acquirer-1), Scaffold Properties Private Limited (Acquirer-2), and MDK Properties and Estates Private Limited (formerly known as MK Profinlease Private Limited) (Acquirer-3) to acquire up to 12,87,988 equity shares of ₹10 each, representing 26.00% of the fully paid-up and voting share capital of TMT (India) Limited.
The Offer Price is ₹10 (Rupees Ten Only) per equity share payable in cash.
Independent Directors Committee
The Committee of Independent Directors of the Target Company opined that the Offer Price of ₹10 offered by the Acquirers is in accordance with relevant regulations prescribed in the Takeover Code and prima facie appears to be justified. This recommendation was published in newspapers on 06th July, 2026.
Competitive Bids
There have been no competitive bids to this Offer.
Document Dispatch
The completion of dispatch of the Letter of Offer to all public shareholders of the Target Company was completed on 30th June, 2026. A copy of the Letter of Offer is available on SEBI's website (www.sebi.gov.in) and the Manager's website (www.navigantcorp.com).
SEBI Approval Process
The Draft Letter of Offer was submitted to SEBI on 05th May, 2026 in terms of Regulation 16(1) of the SEBI (SAST) Regulations. SEBI provided final observations in terms of Regulation 16(4) vide Letter No. I/14299/2026 dated June 19, 2026, which have been incorporated in the Letter of Offer.
Material Changes
There are no material changes from the date of the Public Announcement.
Revised Schedule of Activities
| Activity | Original Date | Revised Date |
| Public Announcement | 20.04.2026 (Monday) | 20.04.2026 (Monday) |
| Publication of Detailed Public Statement | 27.04.2026 (Monday) | 27.04.2026 (Monday) |
| Submission to BSE, Target Company & SEBI | 27.04.2026 (Monday) | 27.04.2026 (Monday) |
| Last date for filing draft letter of offer with SEBI | 05.05.2026 (Tuesday) | 05.05.2026 (Tuesday) |
| Last date for a Competing offer | 19.05.2026 (Tuesday) | 19.05.2026 (Tuesday) |
| Receipt of comments from SEBI on draft letter of offer | 26.05.2026 (Tuesday) | 19.06.2026 (Friday) |
| Identified date* | 29.05.2026 (Friday) | 23.06.2026 (Tuesday) |
| Date for dispatch of letter of offer to shareholders | 05.06.2026 (Friday) | 01.07.2026 (Wednesday) |
| Last date for revising the Offer Price | 10.06.2026 (Wednesday) | 06.07.2026 (Monday) |
| Comments from Committee of Independent Directors | 10.06.2026 (Wednesday) | 06.07.2026 (Monday) |
| Advertisement of schedule and status approvals | 11.06.2026 (Thursday) | 07.07.2026 (Tuesday) |
| Date of Opening of the Offer | 12.06.2026 (Friday) | 08.07.2026 (Wednesday) |
| Date of Closure of the Offer | 25.06.2026 (Thursday) | 21.07.2026 (Tuesday) |
| Post Offer Advertisement | 03.07.2026 (Friday) | 28.07.2026 (Tuesday) |
| Payment of consideration for acquired shares | 10.07.2026 (Friday) | 04.08.2026 (Tuesday) |
| Final report from Merchant Banker | 17.07.2026 (Friday) | 11.08.2026 (Tuesday) |
*Identified Date is for determining the names of shareholders as on such date to whom the Letter of Offer would be sent. All owners of equity shares of the Target Company (except the Acquirers, Sellers and Promoter & Promoter Group) are eligible to participate.