Hiliks Technologies Open Offer 2026 at ₹72 a Share

Open offer announced after SPA triggers takeover rules

Hiliks Technologies Limited shareholders are set to receive an open offer from Enact Technologies Private Limited and associated acquirers after a Share Purchase Agreement (SPA) signed on October 5, 2026. The public announcement was issued on the same date by Navigant Corporate Advisors Limited, acting as the Manager to the Offer. The offer is stated to be triggered under Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. These provisions apply when an acquirer crosses certain thresholds or seeks control, requiring an exit opportunity for public shareholders. In this case, the disclosure explicitly notes that the acquirers will also acquire control of the target company. The open offer is structured to allow shareholders to tender their shares at a specified price in cash.

Who the acquirers are and who is acting in concert

The acquisition involves three primary acquirers named in the announcement. Enact Technologies Private Limited is identified as Acquirer-1. The other two acquirers are Penumatsa Venkata Raju (Acquirer-2) and Boyapati Venkata Lakshmi Narasimha Swamy (Acquirer-3). The acquirers are acting in concert with Kalidindi Harshitha, Kalidindi Hemanth Varma, and Kalidindi Sunitha. The announcement presents them collectively as the buying group for both the direct acquisition from the promoter and the subsequent open offer to public shareholders. The control element is a key part of the trigger, beyond just the shareholding percentage.

Size of the open offer: 36,92,000 shares, 26% of expanded capital

The acquirers propose to purchase up to 36,92,000 fully paid-up equity shares in the open offer. This represents 26.00% of the company’s expanded equity and voting share capital, as specified in the announcement. The shares covered are equity shares with a face value of ₹10 each. The offer price is set at ₹72 per share. Assuming full acceptance, the total consideration payable under the open offer is ₹26.58 crore. The announcement also specifies that the entire payment will be made in cash, in line with Regulation 9(1)(a) of the SEBI (SAST) Regulations.

Direct promoter deal: 5,00,000 shares bought for ₹3.60 crore

Alongside the open offer, the underlying transaction includes a direct acquisition from the existing promoter. The acquirers plan to acquire 5,00,000 equity shares from Extros Developers Private Limited for a total consideration of ₹3.60 crore. This direct acquisition is part of the broader control transaction captured in the SPA executed on October 5, 2026. After this direct acquisition, the acquirers and persons acting in concert are stated to hold 25.59% of the expanded equity and voting share capital. The disclosure links the control acquisition and the shareholding change to the requirement to make an open offer.

Offer price and how it compares to the negotiated deal price

The offer price is ₹72 per share, and the announcement highlights an important detail: the same ₹72 price was used for the acquirers’ purchase of the 5,00,000 shares from the promoter, Extros Developers Private Limited. This makes the offer price identical to the negotiated transaction price for the control transfer. The note in the provided text also indicates that the open offer price is anchored to the underlying transaction value rather than being framed as a premium over market rates.

What the BSE screen showed on the announcement date

Hiliks Technologies is listed on BSE (Code: 539697) and is not listed on NSE, as stated in the market information provided. On October 5, 2026 at 15:54, the BSE live price is shown at ₹59.02, down ₹2.08 or 3.40% for the session. The same snapshot lists the previous close as ₹61.10 and the open price as ₹61.75. A bid price of ₹59.05 (quantity 44) is also shown, while the offer price (ask) is listed as 0.00 (0) in that screen extract. Using the stated numbers, the ₹72 open offer price is about 22% higher than the ₹59.02 BSE price shown at 15:54 on October 5, 2026.

Key facts table

Additional company context appearing in the provided information

The data provided presents Hiliks Technologies under the sector and industry tags “Finance” and “Finance - Investment” in the listing snapshot. Separately, the company description included in the same material describes Hiliks Technologies as operating in IT, software, networking, and related services, including system integration, embedded systems development, CRM tools, ERP software, and biometric solutions. The combination of these references indicates that investors may encounter different categorisations across market data pages versus business descriptions. The company is also identified as having been incorporated in 1985, and it is noted elsewhere in the provided material that it was formerly known as Anubhav Industrial Resources Limited.

Preferential allotment and warrant issuance mentioned alongside Enact

The provided text also references capital-raising activity priced at ₹72 per instrument. It states that Hiliks Technologies allotted 23,00,000 equity shares at ₹72 each for ₹16.56 crore to five non-promoter allottees, led by Aegis Investment Fund PCC and Niveza Small Cap Fund. It also notes an allotment of 11,50,000 convertible warrants at ₹72 each for an aggregate ₹8.28 crore to four allottees led by Enact Technologies Private Limited, with 25% of the warrant consideration received upfront. These details are presented as additional context around ₹72 being a recurring price point in recent transactions involving the company and Enact.

Market impact: what changes for public shareholders

The immediate market relevance is the cash exit route created by the mandatory open offer at a disclosed price of ₹72 per share. For shareholders, the open offer provides a structured mechanism to tender shares if they choose, rather than relying only on secondary market liquidity. The acquisition of control is the central regulatory trigger, and the disclosure explicitly frames the offer as the mandatory step to protect public shareholders’ interests under SEBI’s takeover framework. The BSE price snapshot on October 5, 2026 shows the stock trading below the offer price at the time captured, which may matter to investors comparing the tender option against prevailing market levels.

Analysis: why the pricing alignment matters

One of the most notable elements in the provided announcement is that the open offer price matches the promoter transaction price for the 5,00,000 shares. This is significant because it indicates the open offer is tied closely to the negotiated control transfer value rather than being positioned as an additional premium beyond the transaction. The other key point is the use of “expanded equity and voting share capital” in describing both the offer size (26.00%) and the post-transaction holding (25.59%). For investors tracking dilution and control, this wording signals that the relevant denominator is not just the current outstanding shares but the expanded base referenced in the announcement.

Conclusion

Hiliks Technologies’ October 5, 2026 public announcement sets up a mandatory open offer by Enact Technologies Private Limited and other acquirers for 26% of expanded voting capital at ₹72 per share, payable fully in cash. The offer follows an SPA and a direct acquisition of 5,00,000 shares from promoter Extros Developers Private Limited for ₹3.60 crore, after which the acquirer group is stated to hold 25.59% of expanded capital and to obtain control. The next steps for shareholders will be driven by the formal open offer process administered by the Manager to the Offer, Navigant Corporate Advisors Limited, under the SEBI (SAST) Regulations, 2011.