HTHiliks Technologies539697Open offer announcement

Draft Letter of Offer shared for open offer of up to 26.00% at Rs. 72 per share

Open offer to shareholders by the acquirers along with persons acting in concert.

By ScoutQuest · Mon 19 Oct 2026, 4:56 PM IST · 2 min read

Offer Size

Up to 36,92,000 equity shares = 26.00% of the expanded equity and voting share capital

Offer Price

Rs. 72/- per equity share

Offer Period

Opens 30 November 2026, closes 11 December 2026

What has been shared

Navigant Corporate Advisors Limited, the manager to the offer, has submitted the Draft Letter of Offer to BSE for an open offer to the shareholders of Hiliks Technologies Limited.

• The offer is made by Enact Technologies Private Limited, Penumatsa Venkata Raju and Boyapati Venkata Lakshmi Narasimha Swamy, together with persons acting in concert.
• They propose to acquire up to 36,92,000 equity shares, representing 26.00% of the expanded equity and voting share capital, at Rs. 72/- per equity share.
• It is a cash offer and is not conditional on any minimum level of acceptance from shareholders.

Why the open offer is triggered

• A share purchase agreement dated October 05, 2026 covers 5,00,000 equity shares, or 3.52% of the expanded equity and voting share capital, bought from Extros Developers Private Limited at Rs. 72/- per equity share.
• After that purchase, the acquirers and persons acting in concert would hold ~36.33 lakh shares, or 25.59% of the expanded equity and voting share capital, which the update says puts them in a position to exercise effective control of the company.
• Because the acquisition brings a substantial holding along with a change in control, a mandatory open offer follows.

Where the shareholding stands

• The acquirers and persons acting in concert hold ~23.33 lakh equity shares, or 17.88% of the fully paid-up equity share capital.
• The offer is for shares held by the public; the acquirers, persons acting in concert, the seller and the promoters are not eligible to tender.

Timetable set out in the update

• The offer opens on Monday, 30 November 2026 and closes on Friday, 11 December 2026.
• Identified date: 13 November 2026, used only to decide which shareholders receive the letter of offer.
• Payment of consideration for accepted shares: 28 December 2026.

What a shareholder should keep in mind

• If the offer is oversubscribed, acceptance is decided on a proportionate basis, so tendered shares may be accepted only in part.
• Shares tendered are held in trust until the offer formalities are completed, and acceptance cannot be withdrawn during the tendering period.
• Shares on which a pledge exists cannot be tendered.
• Shares under lock-in can be tendered, and the remaining lock-in period carries over to the acquirers.
• The update sets out the specific circumstances in which the offer can be withdrawn, and the interest payable to shareholders if payment is delayed for want of approvals.

Bottom line

The update sets out the price, size and schedule of a mandatory open offer that follows a change of control. A shareholder's decision would turn on the offer price, on how much of what is tendered may actually be accepted, and on their own view of the shares.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

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