Hiliks Technologies open offer: ₹72 bid for 26% stake

Deal snapshot and why it matters

Hiliks Technologies Ltd is headed for a change in control after Enact Technologies Private Limited and other acquirers announced a mandatory open offer for public shareholders. The offer price has been set at ₹72 per share and will be paid fully in cash. The open offer covers up to 36,92,000 fully paid-up equity shares, representing 26.00% of Hiliks Technologies’ expanded equity and voting share capital. Assuming full acceptance, the total consideration works out to ₹26.58 crore. The transaction has been triggered after a Share Purchase Agreement (SPA) involving a promoter stake sale.

For investors, the key points are the offer price, the number of shares covered, and the fact that the open offer is linked to a transfer of control under SEBI takeover regulations. The company is listed on BSE and Metropolitan Stock Exchange of India Ltd (MSEI), and is stated to not be listed on NSE.

The open offer terms: price, size, and payment mode

The acquirers have proposed to purchase up to 36,92,000 equity shares through the open offer. This represents 26.00% of the company’s expanded equity and voting share capital, as stated in the disclosures. The offer price is ₹72 per share, payable fully in cash. The offer is for fully paid-up equity shares with a face value of ₹10 each.

The disclosures also state that the entire payment will be made in cash, in line with Regulation 9(1)(a) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The offer is not conditional upon any minimum level of acceptance. It is also described as not being a competing offer.

What triggered the mandatory open offer

The open offer follows an SPA executed on October 05, 2026. Under the SPA, the acquirers agreed to acquire 5,00,000 equity shares from the existing promoter entity Extros Developers Private Limited, formerly known as Pacheli Developers Private Limited. This block of 5,00,000 shares represents 3.52% of Hiliks Technologies’ expanded equity and voting share capital.

The transaction value for this promoter sale is ₹3.60 crore, calculated at ₹72 per share. Importantly, the disclosures state that the transaction includes transfer of control and management of the company. Because it involves a change in control, the transaction triggers a mandatory open offer requirement under SEBI takeover rules.

Who the acquirers are and how the promoter block is split

The disclosures name Enact Technologies Private Ltd as the key acquirer, along with Penumatsa Venkata Raju and Boyapati Venkata Lakshmi Narasimha Swamy, and persons acting in concert (PACs). Under the promoter-share purchase agreement, Enact Technologies will acquire 1,00,000 shares. Penumatsa Venkata Raju will buy 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. Following the promoter-share purchase, the acquirers and persons acting in concert are expected to hold 36,33,173 shares, equivalent to 25.59% of Hiliks’ expanded equity and voting share capital, as stated in the announcement.

Key dates and the disclosure trail

The public announcement for the open offer was issued on October 5, 2026. Hiliks Technologies informed BSE and MSEI on October 6, 2026 that it had received the public announcement dated October 5. The Detailed Public Statement (DPS) was published on October 12, 2026, and this date is also referenced in filings submitted to BSE.

The tendering period is stated to open on November 30, 2026. Navigant Corporate Advisors Ltd is identified as the Manager to the Offer and has submitted the relevant statements to the exchange for the attention of equity shareholders.

What SEBI regulations are cited

The disclosures state that the open offer is triggered under Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. These provisions apply when an acquisition results in crossing prescribed shareholding thresholds or when there is a change in control of a listed company. In this case, the SPA is described as providing for the acquirers to obtain control, which is why the mandatory open offer follows.

For shareholders, the regulatory anchor matters because it determines the mandatory nature of the offer, the disclosures required, and the process and timelines that need to be followed.

Listed venue details and stock reference points

Hiliks Technologies is referenced as being listed on BSE (539697) and MSEI (HILIKS), with ISIN INE966Q01010. It is also explicitly stated that Hiliks Technologies is not listed on NSE. An exchange page snapshot in the provided information shows an “Offer Price (Qty.)” reference of 75.10 (35), separate from the open offer price disclosed for the takeover offer.

Investors should note that the open offer price for the takeover is ₹72 per share, as disclosed in the public announcement and DPS references, and it is payable in cash.

Capital structure context: 2024 convertible warrants approval

Apart from the 2026 takeover-related disclosures, the provided information also notes that the Board of Directors, in a meeting held on 21st June, 2024, approved the allotment of 48,00,000 convertible warrants on a preferential basis at an issue price of ₹37 per warrant. While this is a separate corporate action from the 2026 open offer, it provides context on past capital-raising decisions referenced in the same information set.

Any such instruments, if converted in line with applicable terms and approvals, can be relevant for understanding an “expanded” equity base. In the open offer disclosures, the offer size is explicitly stated as a percentage of the expanded equity and voting share capital.

Summary table: open offer and SPA facts

Timeline: announcements and next steps

Market impact and what shareholders can track

The transaction is structured as a control acquisition followed by a mandatory open offer, which is a standard pathway under SEBI takeover rules. The cash consideration is clearly stated for both legs: ₹3.60 crore for the promoter block and up to ₹26.58 crore for the public open offer, assuming full acceptance. The open offer is not conditional on a minimum acceptance level, which reduces uncertainty around whether the offer proceeds, though shareholders’ participation remains voluntary.

For shareholders, the immediate tracking items are the final open offer schedule, the tendering process and settlement timelines disclosed in the formal offer documents, and any subsequent filings that reflect changes in shareholding and control. Investors can also track disclosures on the exchanges where Hiliks is listed, since the company has been filing acknowledgements and announcements related to the public announcement and DPS.

Conclusion

Hiliks Technologies is set for a change in control after Enact Technologies and other acquirers agreed to buy a promoter block and launch a mandatory open offer. The open offer seeks up to 26% of expanded voting capital at ₹72 per share, with a maximum cash outlay of ₹26.58 crore if fully accepted. The public announcement dates to October 5, 2026, and the DPS was published on October 12, 2026, with the tendering period stated to open on November 30, 2026. The next concrete updates for investors will come through the detailed offer documents and subsequent exchange filings on the open offer process and post-offer shareholding.