Hiliks Technologies open offer: ₹26.58 crore at ₹72

The announcement and why it matters

Hiliks Technologies Limited (BSE: 539697 | MSEI: HILIKS | ISIN: INE966Q01010) is set to see a change in control after Enact Technologies Private Limited and co-acquirers announced a mandatory open offer for public shareholders. The offer is to acquire up to 36,92,000 fully paid-up equity shares, representing 26.00% of the company’s expanded equity and voting share capital. The offer price is ₹72 per share, payable in cash, taking the total open offer consideration to ₹26.58 crore assuming full acceptance.

The open offer was publicly announced on October 5, 2026, with Navigant Corporate Advisors Limited acting as Manager to the Offer on behalf of the acquirers and persons acting in concert (PACs). The disclosure states that the transaction includes acquisition of control, which is a key factor in triggering takeover regulations.

Target company snapshot

Hiliks Technologies Limited is listed on BSE and MSEI and is stated to not be listed on NSE. The company is described as being engaged in the provision of information technology services in India, including software and networking development, system integration, embedded systems development, and related services.

The open offer is based on the company’s expanded equity capital of 1,42,00,000 equity shares, a figure that accounts for the conversion of 11,50,000 warrants allotted on September 19, 2026.

The trigger: SPA signed on October 5, 2026

The open offer was triggered following a Share Purchase Agreement (SPA) executed on October 05, 2026. Under this SPA, the acquirers agreed to acquire 5,00,000 equity shares, representing 3.52% of the expanded equity and voting share capital, from the existing promoter entity Extros Developers Private Limited (formerly known as Pacheli Developers Private Limited).

The SPA consideration for this promoter sale is stated at ₹72 per share, for a total cash consideration of ₹3.60 crore. Along with this share purchase, the acquirers are also stated to acquire management control of Hiliks Technologies, which is central to the mandatory open offer requirement.

Who is buying: acquirers and persons acting in concert

The public announcement identifies three primary acquirers:

• Enact Technologies Private Limited (Acquirer-1)
• Penumatsa Venkata Raju (Acquirer-2)
• Boyapati Venkata Lakshmi Narasimha Swamy (Acquirer-3)

The acquirers are also stated to be acting in concert with:

• Kalidindi Harshitha
• Kalidindi Hemanth Varma
• Kalidindi Sunitha

The disclosure notes that after the direct acquisition from the promoter, the acquirers and PACs are stated to hold 25.59% of the expanded equity and voting share capital.

Open offer terms: size, price, and consideration

The open offer is for up to 36,92,000 equity shares (face value ₹10 each). This equals 26.00% of the expanded equity and voting share capital. The offer price is fixed at ₹72 per share, payable fully in cash.

Assuming full acceptance, the total open offer size works out to ₹26.58 crore (₹26,58,24,000 as stated in the announcement). This open offer provides an exit opportunity to public shareholders at the stated price following the change in control.

Key facts table

Regulatory basis: SEBI SAST Regulations

The announcement states 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 acquirer crosses specified shareholding thresholds or seeks control of a listed company, requiring a mandatory open offer to public shareholders.

In this case, the disclosure explicitly notes that the acquirers will acquire control of Hiliks Technologies, which is why the open offer is being made alongside the promoter share acquisition.

Shareholding context disclosed in the report

The material includes shareholding references showing promoter holding at 4.65% in the June 2026 quarter, with the public shareholding correspondingly high in the cited pattern. It also references a disclosure that the promoter had signed a non-binding LOI for the proposed sale of 4.65% equity (5,00,000 shares) to Enact Technologies Private Limited and others, subject to due diligence and regulatory approvals.

Separately, the text also notes that Aegis Investment Fund, PCC acquired 13 lakh equity shares in Hiliks Technologies via preferential allotment, resulting in a 12.09% stake in the company’s voting capital, making it a significant non-promoter shareholder.

What changes for public shareholders

For shareholders, the immediate actionable item is the open offer itself: an option to tender shares up to the offer size at ₹72 per share, subject to the formal open offer process and terms. The transaction combines (1) a negotiated promoter stake purchase under the SPA and (2) a mandatory open offer for additional shares from public shareholders.

The announcement also makes clear that the transaction is not only about shareholding percentage but also about management control, which is a distinct trigger under takeover regulations.

Market impact and why the structure is important

The central market-relevant facts in the disclosure are the offer price (₹72), the open offer size (26% of expanded capital), and the cash consideration (₹26.58 crore) if fully accepted. The expanded capital base of 1.42 crore shares is important because it is used to calculate the offer size and post-transaction holdings on a fully diluted basis, including the referenced warrant conversion.

The post-SPA holding disclosed at 25.59% for the acquirers and PACs helps explain why an additional open offer for 26.00% is being made, as the transaction is framed as a control acquisition requiring an exit opportunity for remaining shareholders under SEBI rules.

Conclusion

Enact Technologies Private Limited and co-acquirers have announced a mandatory open offer for 26% of Hiliks Technologies’ expanded voting capital at ₹72 per share, alongside an SPA to buy 5,00,000 shares from promoter Extros Developers Private Limited for ₹3.60 crore. The public announcement dated October 5, 2026 positions this as a change-in-control transaction, with Navigant Corporate Advisors Limited managing the offer process. The next steps for investors will depend on the formal open offer schedule and tendering process set out under the SEBI SAST framework.