Hiliks Technologies open offer: ₹72 deal, control shift

What was announced and why it matters

Hiliks Technologies Ltd has received a public announcement for a mandatory open offer after a share purchase agreement (SPA) that results in a change in control under SEBI takeover regulations. The open offer has been announced by Enact Technologies Private Limited along with co-acquirers and persons acting in concert (PACs). The acquirers propose to buy a sizeable portion of the company from public shareholders at a fixed cash price. Such events are closely tracked because a change in control typically leads to board and management changes after completion.

Open offer size and price for public shareholders

The open offer is to acquire up to 36,92,000 fully paid-up equity shares of Hiliks Technologies. This represents 26.00% of the company’s expanded equity and voting share capital, as stated in the disclosure. The offer price is fixed at ₹72 per share, payable fully in cash. If the offer is fully accepted, the maximum consideration for the open offer is ₹26.58 crore.

Who the acquirers are

The public announcement identifies three primary acquirers. Enact Technologies Private Limited is listed as Acquirer-1. The other two acquirers are Penumatsa Venkata Raju (Acquirer-2) and Boyapati Venkata Lakshmi Narasimha Swamy (Acquirer-3), along with PACs. Navigant Corporate Advisors Limited has been appointed as the Manager to the Offer.

The Share Purchase Agreement that triggered the offer

The open offer has been triggered due to an SPA executed on October 05, 2026. Under this SPA, the acquirers agreed to buy 5,00,000 equity shares from the promoter entity Extros Developers Private Limited, formerly known as Pacheli Developers Private Limited. The SPA quantity represents 3.52% of Hiliks Technologies’ expanded equity and voting share capital. The SPA consideration is ₹3.60 crore, calculated at the same ₹72 per share price mentioned in the announcement.

How the SPA shares are split among acquirers

The SPA outlines the allocation of the 5,00,000 shares among the three acquirers. Enact Technologies will acquire 1,00,000 shares under the agreement. Penumatsa Venkata Raju will acquire 1,50,000 shares. Boyapati Venkata Lakshmi Narasimha Swamy will acquire 2,50,000 shares. The acquisition under the SPA will be settled entirely in cash.

SEBI takeover rules cited in the disclosure

The disclosure notes the open offer is triggered under Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. These regulations apply when an acquisition crosses specified thresholds or results in a change in control. In this case, the disclosure explicitly states that the transaction involves acquisition of control, which is central to the takeover obligations. The announcement also mentions compliance with Regulation 9(1)(a) relating to cash payment for the offer consideration.

Key dates and exchange disclosures

The public announcement is dated October 5, 2026. Hiliks Technologies informed BSE and the Metropolitan Stock Exchange of India on October 6, 2026 that it had received the public announcement dated October 5. A Detailed Public Statement (DPS) is scheduled for publication on or before October 12, 2026, as per the information provided. The company is identified in the disclosure as Hiliks Technologies Limited (BSE: 539697 | MSEI: HILIKS | ISIN: INE966Q01010).

What changes for control and ownership

The stated purpose of the transaction includes acquisition of control of Hiliks Technologies. The open offer process is part of the mandatory steps that follow such a change in control for a listed company under SEBI’s takeover framework. The disclosure also references that the acquirers’ combined stake may rise to 25.59% on a fully diluted basis, as cited in the provided information. Investors typically watch how these transactions are implemented because control changes can be accompanied by governance and board-level changes after completion.

Snapshot of the transaction

What to track next

The next formal milestone mentioned is the publication of the Detailed Public Statement on or before October 12, 2026. Shareholders will also track the offer process and documentation released by the Manager to the Offer. Separately, since the disclosure states a change in control, market participants may watch for subsequent company filings related to control, management, or board changes after completion of the transaction, where applicable and disclosed.

Conclusion

Hiliks Technologies’ open offer at ₹72 per share follows an SPA for 3.52% promoter stake and has been presented as a change-in-control transaction under SEBI takeover rules. The offer size is 26% of expanded equity, with a maximum cash consideration of ₹26.58 crore if fully accepted. The public announcement is dated October 5, 2026, and the DPS is scheduled on or before October 12, 2026, which will provide the next set of official details for shareholders to evaluate.