Open offer for 36,92,000 shares at Rs. 72 each, 26.00% of expanded capital

Hiliks Technologies open offer.

Mon 12 Oct 2026

Offer Size

up to 36,92,000 shares (26.00% of expanded capital)

Offer Price

Rs. 72 per share

Offer Period

opens 30.11.2026, closes 11.12.2026

Open offer at Rs. 72 per share

The Detailed Public Statement sets out a mandatory cash open offer by Enact Technologies Private Limited (Acquirer-1), Penumatsa Venkata Raju (Acquirer-2) and Boyapati Venkata Lakshmi Narasimha Swamy (Acquirer-3), together with Kalidindi Harshitha, Kalidindi Hemanth Varma and Kalidindi Sunitha as persons acting in concert (PACs).

• Offer size: up to 36,92,000 equity shares of face value Rs. 10 each
• That is 26.00% of the expanded equity and voting share capital
• Offer price: Rs. 72 per share, payable in cash
• Maximum consideration at full acceptance: Rs. 26,58,24,000

What is already held

As on the date of the statement, the Acquirers and PACs hold 23,33,173 equity shares, or 17.88% of the fully paid-up equity share capital. Including the 11,50,000 convertible warrants allotted on September 19, 2026, they would hold 31,33,173 shares, or 22.06% of the expanded capital on a fully diluted basis.

Under a Share Purchase Agreement dated October 05, 2026, the Acquirers have agreed to acquire 5,00,000 shares from Extros Developers Private Limited, being 3.52% of expanded capital, for a total consideration of Rs. 3,60,00,000 at Rs. 72 per share. That would take the Acquirers and PACs to 36,33,173 shares, or 25.59%.

Where the holding goes

Assuming full acceptance of the open offer, the Acquirers and PACs would hold 73,25,173 shares, or 51.59% of the expanded equity and voting share capital. Of this, Acquirer-1 would hold 39,32,408 shares (27.69%), Acquirer-2 9,99,160 shares (7.04%) and Acquirer-3 21,69,840 shares (15.28%).

The offer is being made to the public shareholders other than the Acquirers, PACs, the seller and existing promoters. The PACs have said they do not intend to acquire any shares under the open offer; shares tendered will be acquired by the Acquirers.

How the price is supported

The offer price of Rs. 72 is the highest of the negotiated SPA price, the volume-weighted average price paid or payable in the 52 weeks before the public announcement, and the highest price paid or payable in the 26 weeks before it. The volume-weighted average market price over the sixty trading days before the public announcement is Rs. 66.04.

Funding and escrow

The Acquirers state they have adequate resources and that no funds are being borrowed from any bank or financial institution for this offer. An escrow agreement has been entered into with ICICI Bank Limited, and Rs. 664.56 Lacs has been deposited, being 25.00% of the offer consideration. Certified net worth figures are Rs. 486.99 lakhs for Acquirer-1, Rs. 950.13 Lacs for Acquirer-2 and Rs. 3,920.97 Lacs for Acquirer-3.

What the offer does not depend on

The offer is not conditional on any minimum level of acceptance and is not a competing offer. Assuming full acceptance, minimum public shareholding is stated not to fall below 25% of expanded equity and voting share capital.

Shareholders may find it useful to note

• Lock-in: no shares are subject to lock-in except 24,89,408 shares, of which 21,09,408 are held by Acquirer-1 and 3,80,000 by a public category shareholder.
• The offer is open to all owners of shares, registered, unregistered, in demat or physical form, including those who acquire shares after the identified date.
• Tendering is through the stock exchange mechanism; BSE is the designated exchange.
• The manager to the offer holds no shares in the target company.

Tentative schedule

• Offer opens: 30.11.2026
• Offer closes: 11.12.2026
• Payment of consideration: 28.12.2026

Financial snapshot of the target company (standalone, Rs. in Lacs)

• Revenue from operations: 1139.32 in the quarter ended 30.06.2026; 2958.79 in FY 31.03.2026; 697.70 in FY 31.03.2025; 99.27 in FY 31.03.2024
• Net income (profit after tax): 101.01 for the quarter ended 30.06.2026; 83.89 in FY 31.03.2026; 46.34 in FY 31.03.2025; 5.26 in FY 31.03.2024
• Net worth: 2765.52 as at 30.06.2026; 2664.51 as at 31.03.2026

The acquirers have stated that they intend to continue the existing business and may diversify in future with prior shareholder approval, and that they intend to seek a reconstitution of the board after successful completion of the offer, with no firm decision made in this regard.

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.