Hitech Corporation delisting: ₹353 offer in 2026

What the board approved on June 9, 2026

Hitech Corporation Limited said its board has approved a voluntary delisting proposal received from Geetanjali Trading and Investments Private Limited. The board meeting to consider the proposal was held on June 9, 2026. The indicative offer price communicated to the company is ₹353 per equity share. The company stated the decision was taken after considering due diligence and share capital audit reports. These reports were dated June 9, 2026 and were placed before the board. The company also noted that the proposed delisting is intended to take the equity shares off both BSE Limited and the National Stock Exchange of India Limited (NSE).

Indicative offer price and the premium to the floor price

The indicative offer price of ₹353 per share is described as a 40.08% premium over the floor price of ₹252 per share. The floor price and valuation basis referenced in the disclosure are tied to SEBI delisting requirements. The floor price certificate was received by the company through the manager to the offer on May 28, 2026. Hitech Corporation’s communication also mentioned the share price at ₹305.85 as of June 9, 2026. Separately, the material provided also contained another “current price” reference of ₹140.60, without additional context; the company’s delisting note itself is focused on the delisting terms and process.

Due diligence and compliance confirmations

The board said it took on record the due diligence report and the share capital audit report dated June 9, 2026. The due diligence was carried out by Mrs. Prerana Jadhav, described as a peer reviewed practising company secretary, in line with the SEBI Delisting Regulations. The board certified that both the company and the acquirer are in compliance with applicable securities laws. It also recorded that, based on the documentation reviewed, the delisting is considered to be in the interest of shareholders.

Valuation reference: adjusted book value and the floor price certificate

The floor price of ₹252 per share was certified by Gaurang Rajesh Shah, identified as a Chartered Accountant and Registered Valuer. The certification was stated to be based on an Adjusted Book Value of ₹43,280.64 lakh as of March 31, 2026. This adjusted book value was cited as the valuation reference in the company’s disclosure. The indicative price of ₹353 per share is positioned above this floor price and is the price indication provided by the promoter group entity.

Postal ballot for shareholders and the appointed scrutinizer

To move the delisting process forward, Hitech Corporation approved a notice of postal ballot to seek shareholder approval. The company appointed M/s Mayank Arora, Practising Company Secretaries, as the scrutinizer for the postal ballot process. The delisting remains subject to shareholder consent via postal ballot and other regulatory approvals. The company’s disclosure indicates the board approval is a key step, but not the final clearance required for delisting.

Reverse book building and the shareholder voting threshold cited

The material states that the delisting is expected to follow the Reverse Book Building (RBB) mechanism under SEBI regulations, with an initial price indication of ₹353 per share. It also notes a voting condition for the proposal: public shareholders will vote on the delisting and the requirement mentioned is that affirmative votes must be at least double the negative votes. The document also references a timeline style requirement that shareholder approval be obtained through a special resolution passed by postal ballot or e-voting, by a two-thirds majority of the public shareholders. It further notes this special resolution is to be completed within 45 days of obtaining board approval.

Key dates and process steps mentioned by the company

The disclosures include multiple dated milestones around the proposal. The company said it received an Initial Public Announcement (IPA) for voluntary delisting, with one reference stating the IPA date as May 25, 2026. The floor price certificate was received on May 28, 2026. The board meeting to consider and approve the proposal took place on June 9, 2026. The process also includes seeking in-principle approval from the recognized stock exchanges for delisting.

Dividend reference for FY2026

The material also includes a dividend reference for the financial year ended March 31, 2026. It mentions ₹1 per equity share, representing 10% of the face value of ₹10 each. This point appears as a separate corporate update alongside the delisting-related disclosures. No additional dividend details were provided in the supplied text.

Market context from the disclosed prices

The offer price of ₹353 per share is positioned as an exit opportunity for public shareholders, subject to the delisting process completing successfully. The document notes that the indicative price exceeds the stock’s lifetime high, though the lifetime high value itself is not provided. With a reported price point of ₹305.85 as of June 9, 2026, the indicative offer price implies a higher level than that stated market price on the same date. But the final discovered price, if the process proceeds via RBB, is expected to be determined through the RBB process and can be accepted or rejected by the acquiring entity, as described in the material.

What happens next

Based on the disclosure, the immediate next step is the postal ballot process to seek shareholder approval, with the appointed scrutinizer overseeing the voting. The company also needs further regulatory and exchange-related approvals, including in-principle approval from BSE and NSE. The delisting can proceed only after these steps and the completion of the RBB mechanism as applicable. Investors will likely track the postal ballot outcome, the RBB process terms, and subsequent stock exchange decisions as the process moves forward.