Hitech Corp delisting 2026: ₹353 offer, 40% premium

Board clears promoter-led delisting proposal

Hitech Corporation Limited’s board has approved a voluntary delisting proposal initiated by its promoter group entity, Geetanjali Trading and Investments Private Limited. The proposal carries an indicative offer price of ₹353 per equity share. This indicative price is positioned at a 40.08% premium over the floor price of ₹252 per share. The approval was taken at the board meeting held on June 9, 2026. The company has indicated that the delisting, if carried through, would result in the removal of Hitech Corporation’s shares from trading on both BSE Limited and the National Stock Exchange of India Limited (NSE). The decision sets in motion a shareholder vote and additional regulatory steps that must be completed before any delisting can occur.

Indicative price and floor price: what the numbers show

The delisting proposal is anchored on two price points disclosed by the company and the acquirer. The floor price for the voluntary delisting is ₹252 per share, stated as being computed under the SEBI (Delisting of Equity Shares) Regulations, 2021. The promoter’s indicative price is ₹353 per share, which is the price being communicated as the initial indication for the delisting offer. Separately, the acquirer’s communication referenced the lifetime high price of the company’s shares on the exchanges as ₹351.35, alongside the statement that ₹353 per share (or the floor price, whichever is higher) is being proposed as the indicative price. At this stage, the indicative price is not the final exit price, because the proposal contemplates discovery through the Reverse Book Building (RBB) process.

Due diligence and share capital audit cited in board decision

The board’s consent was based on process checks and professional reports placed before it. The company referred to a due diligence report and a share capital audit report dated June 9, 2026. It also noted that these reports confirmed compliance with applicable securities laws. One of the stated professionals involved is Mrs. Prerana Jadhav, identified as a Peer Reviewed Practicing Company Secretary, who submitted the due diligence report and share capital audit report referenced by the board. The board also certified that the company and the acquirer are in compliance with applicable securities laws and that the delisting is in the interest of shareholders, as recorded in the disclosures.

Postal ballot: shareholder approval is the next gate

Following the board approval, Hitech Corporation will seek shareholder approval through a postal ballot process. The company approved the notice of postal ballot to initiate this step. It appointed M/s Mayank Arora, Practising Company Secretaries, as the scrutinizer for the postal ballot process. The delisting remains subject to shareholder consent via the postal ballot and other regulatory approvals. The proposal’s progress now depends on the outcome of this shareholder vote, after which the company would proceed with further filings and exchange-related steps, as applicable under the delisting framework.

Exchanges involved: delisting proposed from BSE and NSE

The stated plan is to voluntarily delist the equity shares from both stock exchanges where the company is listed: BSE Limited and NSE. This is significant for public shareholders because a successful delisting from both exchanges would end on-market trading in the company’s equity shares on the recognized exchanges. The company’s disclosures position the delisting as a promoter-led exit offer to public shareholders at the discovered price under the RBB mechanism, subject to all stipulated conditions.

Merchant banker and other intermediaries named

The delisting offer is being managed by Kreo Capital Private Limited, identified as the manager to the offer. The disclosures also refer to the appointment of M/s Robert Pavrey & Associates LLP as a peer reviewer to conduct necessary due diligence and audits as part of the delisting process steps. These roles are central to the process flow, including the preparation of reports, coordination of announcements, and execution of the RBB process in line with regulatory requirements.

Key dates and documents disclosed so far

The company’s sequence of disclosures includes the initial announcement timeline and the supporting documents referenced for decision-making. The floor price certificate was received on May 28, 2026. The promoter entity’s board approved the delisting proposal in its meeting held on May 25, 2026, as per the stated approval date. Hitech Corporation’s board then convened and granted consent to the delisting proposal on June 9, 2026, considering the due diligence and audit reports dated the same day. These timestamps matter because voluntary delisting under the SEBI framework is milestone-driven, and each milestone triggers subsequent actions and filings.

Reverse Book Building and acceptance of the discovered price

The proposal is stated to be implemented through the Reverse Book Building (RBB) mechanism, which is the standard route for many voluntary delistings. Under this mechanism, the final exit price is discovered based on bids from public shareholders. The disclosures note that the acquiring entity retains the right to accept or reject the discovered price. In addition, the delisting’s success requires that a sufficient number of shares be tendered by shareholders, alongside the completion of approvals and exchange clearances mentioned in the proposal conditions.

Market impact: sentiment improved, but outcome depends on votes

The disclosures tie recent investor sentiment to the promoter group’s voluntary delisting proposal and the premium indicated over the floor price. But the company has also made clear that the delisting is not final at this point. It remains contingent on shareholder consent via postal ballot and on other regulatory and stock exchange approvals. For shareholders, the practical impact today is that the proposal sets a defined process toward a potential exit opportunity, while leaving the final price to be discovered through RBB and subject to acceptance by the acquirer.

What to watch next

The next formal step is the postal ballot process and the resulting shareholder vote, overseen by the appointed scrutinizer. After shareholder approval, the delisting process would typically move into exchange applications, public announcements, and dispatch of a formal letter of offer, as indicated in the disclosures that shareholders can expect a formal letter of offer detailing the process and terms. Any final delisting from BSE and NSE will depend on completion of these procedural stages and the conditions linked to RBB price discovery and acceptance.