Open offer for 36,92,000 shares at Rs. 72 each; triggered by a share purchase agreement

Open offer for Hiliks Technologies: acquirers to buy up to 36,92,000 shares (26.00% of expanded equity and voting share capital) at Rs. 72/- per share.

Mon 5 Oct 2026

Open offer size

up to 36,92,000 shares (26.00% of expanded equity and voting share capital)

Offer price

Rs. 72/- per share

Total consideration

up to Rs. 26,58,24,000

Triggering SPA

share purchase agreement for 5,00,000 shares (3.52%)

Acquirers post-transaction holding

36,33,173 equity shares, being 25.59% of the expanded equity and voting share capital

Public announcement for an open offer

A public announcement has been made for an open offer to the equity shareholders of Hiliks Technologies Limited, with Navigant Corporate Advisors Limited appointed as the Manager to the Offer.

Who is buying

• Enact Technologies Private Limited (Acquirer-1)
• Penumatsa Venkata Raju (Acquirer-2)
• Boyapati Venkata Lakshmi Narasimha Swamy (Acquirer-3)
• Persons acting in concert (PACs): Kalidindi Harshitha, Kalidindi Hemanth Varma and Kalidindi Sunitha

Offer terms

• The offer is for up to 36,92,000 fully paid-up equity shares of face value Rs. 10/- each.
• This works out to 26.00% of the expanded equity and voting share capital of the company.
• The offer price is Rs. 72/- per fully paid-up equity share, payable in cash.
• Assuming full acceptance of the offer, the total consideration payable by the acquirers would be Rs. 26,58,24,000/-.

What triggered the offer

The offer has been triggered by a Share Purchase Agreement dated October 05, 2026 between the acquirers and Extros Developers Private Limited (formerly known as Pachelu Developers Private Limited), a promoter of the target company. Under the agreement, the acquirers have agreed to acquire 5,00,000 equity shares, forming 3.52% of the expanded equity and voting share capital, for a total consideration of Rs. 3,60,00,000, at Rs. 72/- per equity share. The shares are to be acquired as 1,00,000 shares by Acquirer-1, 1,50,000 shares by Acquirer-2 and 2,50,000 shares by Acquirer-3. The seller's holding moves from 5,00,000 shares (3.52%) to nil after the transaction.

Shareholding picture

• Before the transaction, the acquirers and PACs held 23,33,173 equity shares, being 17.88% of the fully paid-up equity share capital; after considering conversion of convertible warrants, this was 31,33,173 shares, or 22.06%.
• After the underlying transaction, the acquirers and PACs would hold 36,33,173 equity shares, being 25.59% of the expanded equity and voting share capital.
• Acquirer-1 was allotted 8,00,000 convertible warrants, each convertible into one equity share; the board of the target company allotted 11,50,000 convertible warrants in total at its meeting held on September 19, 2026, on which listing and trading approval is awaited from the stock exchange(s).
• The fully paid-up equity share capital of the target company is Rs. 13,05,00,000, divided into 1,30,50,000 equity shares of Rs. 10/- each. The expanded equity and voting share capital is 1,42,00,000 fully paid-up equity shares.

Other points to note

• Pursuant to the terms of the Share Purchase Agreement, the acquirers will acquire control of the target company.
• This is a triggered offer made under Regulation 3(1) and Regulation 4 of the SEBI (SAST) Regulations, 2011.
• The offer is not conditional upon any minimum level of acceptance.
• The offer is not a competing offer.
• The Detailed Public Statement will be published in newspapers on or before October 12, 2026.
• The target company's equity shares are listed on BSE Limited and Metropolitan Stock Exchange of India Limited, with BSE scrip code 539697 and MSEI scrip code HILKS.

What an open offer means

An open offer is a formal window in which public shareholders are given the option to sell their shares at the stated offer price. Here the offer price and the maximum number of shares being bought are already set out. Shareholders can weigh the terms against their own holding and circumstances, and the Detailed Public Statement is expected to carry the further procedural details of the offer.

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