Hittco Tools531661Open offer announcement
Open offer for 26.00% of expanded capital at Rs. 15.30 per fully paid share
Public announcement for an open offer of up to ~58.77 lakh shares of Hittco Tools, equal to 26.00% of the expanded equity share capital on a fully diluted basis.
By ScoutQuest · · 3 min read
50.87%Acquirers' holding on full warrant conversion
- Open offer size
- up to ~58.77 lakh shares, equal to 26.00% of the expanded equity share capital on a fully diluted basis
- Offer price
- Rs. 15.30 per fully paid-up share and Rs. 10.30 per partly paid-up share
- Acquirer shareholding
- Acquirers hold nil today; 50.87% on full warrant conversion
What was announced
- A public announcement for an open offer to the shareholders of Hittco Tools Limited, issued by the Manager to the Offer, Navigant Corporate Advisors Ltd, on behalf of three acquirers: Irfan Ismail Chapra (Acquirer-1), Reshma Irfan Chapra (Acquirer-2) and Mubina Gulzar Sofia (Acquirer-3).
- The offer is for up to ~58.77 lakh equity shares of face value Rs. 10/- each, equal to 26.00% of the expanded equity and voting share capital on a fully diluted basis.
- Price: Rs. 15.30 per fully paid-up equity share and Rs. 10.30 per partly paid-up share, payable entirely in cash.
What triggered the offer
- The Board of Directors of the target company, at its meeting held on 26 October 2026, approved — subject to the approval of members and other regulatory approvals — a preferential allotment of equity shares and convertible warrants to the acquirers and public category investors.
- That preferential issue would result in substantial acquisition of shares and voting rights in, and acquisition of control over, the target company. This is a triggered open offer under the SEBI SAST Regulations.
What the preferential issue involves
- 59.4 lakh equity shares at an issue price of Rs. 14.50 per equity share, of which 52 lakh shares are proposed to the acquirers — 18,00,000 to Acquirer-1, 18,00,000 to Acquirer-2 and 16,00,000 to Acquirer-3 — and 7.4 lakh shares to public category investors.
- ~1.01 crore convertible warrants at Rs. 14.50 per warrant, of which 63,00,000 are proposed to the acquirers — 26,00,000 to each of Acquirer-1 and Acquirer-2, and 11,00,000 to Acquirer-3 — and 37,60,000 to public category investors.
Where the acquirers stand
- Pre-transaction shareholding in the target company: Nil (0.00%).
- After the shares are allotted: 52 lakh shares, being 41.45% of the emerging equity and voting share capital.
- Assuming full conversion of the warrants: 1.15 crore shares, being 50.87% of the expanded equity share capital on a fully diluted basis.
- The acquirers propose to be classified as Promoters of the target company. Subject to applicable provisions of the SEBI LODR Regulations and requisite approvals, the existing Promoter and Promoter Group shall continue to remain classified as the Promoter and Promoter Group.
Size of the offer
- Assuming full acceptance of the offer in respect of ~58.77 lakh equity shares, the total consideration payable by the acquirers will be ~Rs. 8.99 crore.
- The underlying transaction table shows the total consideration for the shares and warrants acquired as 1,667.50 (Rs. In Lakhs), to be paid in cash.
Capital structure referenced in the announcement
- Existing paid-up share capital comprises ~63.57 lakh fully paid-up equity shares of face value Rs. 10/- each and ~2.48 lakh partly paid-up equity shares of face value Rs. 10/- each paid up to the extent of Rs. 5/- per share, aggregating to a total paid-up share capital of ~Rs. 6.48 crore.
- Emerging equity and voting share capital: ~1.25 crore equity shares. Expanded equity share capital on a fully diluted basis: ~2.26 crore equity shares.
Other points
- Members' consent for the preferential issue is being sought through a notice of an extraordinary general meeting proposed to be held on 17 November 2026.
- The acquirers state they have no intention to delist the target company pursuant to this open offer.
- This is not a competing offer, and the offer is not conditional upon any minimum level of acceptance.
Also from Hittco Tools
Board clears up to Rs. 21 crore of stakes in two unlisted firms, pref issue and name change
26 Oct 2026
Board approves new business objects, preferential issue of shares and warrants, UAE subsidiary and name change
26 Oct 2026
Board approves preferential issue of equity shares and convertible warrants; allottees expected to bring change in control
26 Oct 2026
More numbers
- Open offer size — equity shares58,77,261
- Open offer size as % of expanded capital26.00%
- Offer price per fully paid-up equity shareRs. 15.30/-
- Offer price per partly paid-up shareRs. 10.30/-
- Total consideration assuming full acceptanceRs. 8,99,22,093.30/-
- Preferential issue price per share / per warrantRs. 14.50/-
- Acquirers' proposed holding on full warrant conversion50.87%
- Total consideration in underlying transaction table (Rs. In Lakhs)1,667.50
Source: BSE · 27 Oct 2026
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