Independent Directors' Committee calls voluntary delisting offer fair and reasonable

IDC unanimously says the voluntary delisting offer is fair and reasonable.

Wed 30 Sep 2026

Shares Sought

up to 43,91,220 equity shares (25.57% of equity)

Floor Price

₹252 per share

Indicative Price

₹353 per share (about 2.11 times last traded price)

Offer Method

reverse book building process

Acquirer

Geetanjali Trading and Investments Private Limited, a promoter group member

What was shared

Hitech Corporation has submitted the reasoned recommendations of its Committee of Independent Directors (IDC), as required under Regulation 28 of the SEBI Delisting Regulations, on the proposed voluntary delisting of its equity shares from BSE and NSE. The IDC met on September 30, 2026.

The offer

• Acquirer: Geetanjali Trading and Investments Private Limited, a promoter group member, along with promoters and other promoter group members.
• Shares sought: up to 43,91,220 equity shares from public shareholders.
• That represents 25.57% of the equity share capital.
• Floor Price: ₹252 per Equity Share.
• Indicative Price: ₹353 per Equity Share.
• Method: reverse book building process.
• Manager to the offer: Kreo Capital Private Limited.

Why the IDC called it fair and reasonable

• The Floor Price was calculated using the Initial Public Announcement date as reference date, per the Delisting Regulations.
• The Indicative Price is stated to be more than the lifetime high price of the shares on the exchanges and about 2.11 times the last traded price before the delisting announcement.
• The reverse book building mechanism determines the Exit Price and treats all public shareholders equitably, giving a cash exit.
• The offer provides immediate liquidity at a high price to shareholders who might find it hard to exit large positions.
• Delisting would reduce ongoing compliance cost and management time spent on listing requirements.

Recommendation

The IDC recommends that public shareholders bid their shares in the reverse book building process, while also suggesting shareholders independently evaluate the offer and the market performance of the scrip before deciding. The recommendations were approved unanimously by the five independent directors, chaired by Mr. Sivaram Swaminathan. An external Independent Registered Valuer attended the meeting and provided advice.

What happens next

The recommendations will be published in Business Standard (English), Navbharat Times (Hindi) and Mumbai Lakshadweep (Marathi), and hosted on the company's website. The Letter of Offer dated September 25, 2026 was dispatched to shareholders on September 29 and 30, 2026. In-principle approvals from BSE and NSE are dated September 25, 2026, and shareholders had approved the delisting by postal ballot.

For investors

The Floor Price is the minimum; the final Exit Price emerges from the bids placed in the reverse book building. The Indicative Price is what the Acquirer has indicated, not a guaranteed price. Shareholders who wish to exit must tender bids within the offer window.

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