Hitech Corporation Delisting: RBB Dates, Price 2026

What changed in the delisting process

Hitech Corporation Limited’s promoter-led voluntary delisting has moved into the Detailed Public Announcement (DPA) and reverse book building (RBB) scheduling stage. The acquirer, Geetanjali Trading and Investments Private Limited, is seeking to buy out the remaining public shareholding through the RBB mechanism. The bid window for public shareholders is scheduled to open on October 7, 2026, and close on October 13, 2026. The indicative offer price disclosed for the process is ₹353 per equity share, while the floor price is ₹252 per share. The DPA is dated September 25, 2026 and was published on September 28, 2026. The company has also received in-principle delisting approval from both BSE and NSE, which advances the process but does not complete it. These steps collectively indicate that the delisting has moved from approvals and documentation to the price discovery phase.

Key parties and the structure of the offer

The delisting is being led by a promoter group entity, Geetanjali Trading and Investments Private Limited. Kreo Capital Private Limited is acting as manager to the offer and issued the DPA on behalf of the acquirer. Hitech Corporation has received the Letter of Offer (LOF) dated September 29, 2026, relating to the proposed voluntary delisting from BSE and NSE. The stated objective of the offer is to acquire up to 43,91,220 equity shares from public shareholders. This quantity represents 25.57% of the company’s total paid-up equity share capital, as disclosed in the announcements. The process is being conducted under the SEBI (Delisting of Equity Shares) Regulations, 2021. Under these regulations, the final discovered price is expected to emerge through the RBB bids submitted by public shareholders during the bid window.

Prices disclosed: floor price and indicative price

Two price points have been communicated in the delisting disclosures. The floor price for the delisting offer is ₹252 per share, determined as per the applicable framework and supported by an independent registered valuer’s process referenced by the company. Separately, the acquirer has provided an indicative price of ₹353 per share for the RBB process. The company has also described the indicative offer as carrying a 40.08% premium over the floor price. For shareholders, this distinction matters because the floor price is the regulatory reference point, while the exit price in delisting is typically shaped by the RBB outcome. The indicative price provides a benchmark but does not, by itself, establish the final discovered price. The disclosures also reiterate that the delisting remains subject to shareholder processes and regulatory clearances.

Timeline of approvals and filings

The delisting proposal has followed a sequence of board approval, shareholder approval, exchange interaction, and offer-stage disclosures. The initial board approval for the voluntary delisting proposal was granted on June 9, 2026. Shareholder approval was sought via a postal ballot process, with remote e-voting open from June 11 to July 10, 2026, and results expected by July 14. The special resolution was approved with 99.67% of total votes in favour, and public shareholder support was about 19.4 times the votes against, exceeding the SEBI-required 2:1 threshold. The application for delisting was received by BSE on July 10, 2026, as noted in the exchange-related disclosures. In-principle approval from both BSE and NSE was granted through letters dated September 25, 2026. After this, the DPA was dated September 25 and published September 28, moving the process closer to the RBB stage.

Updated compliance documents after NSE queries

Hitech Corporation also reported a documentation update as part of the process of securing exchange in-principle approval. On September 8, 2026, the company filed revised due diligence and share capital audit reports with BSE and NSE. The company stated this was done after queries raised by NSE on September 3, 2026, including on reporting periods. The revised reports were approved by the board via a circular resolution on September 8, 2026. The purpose, as stated in the filings, was to align the documents with requirements for exchange in-principle approval under the SEBI Delisting Regulations, 2021. These updates underscore that procedural compliance and document accuracy remain key checkpoints in the delisting route.

Independent directors committee formed for recommendations

On September 29, 2026, Hitech Corporation constituted a Committee of Independent Directors under Regulation 28 of the SEBI Delisting Regulations. The committee has been formed to provide “reasoned recommendations” on the delisting offer. The company has stated that the committee’s role is to evaluate the offer in the context of protecting minority shareholder interests during the RBB process. The committee comprises five members, as disclosed. Such recommendations are a required element of the delisting process and are meant to help public shareholders assess the offer terms and process. The committee’s work sits alongside other regulatory steps and does not replace shareholder choice in the RBB mechanism.

What the exchanges approved and what remains conditional

Both BSE and NSE granted in-principle approval for voluntary delisting, subject to conditions and compliance with the SEBI Delisting Regulations, 2021. The disclosures clarify that in-principle approval should not be construed as final approval for delisting. Final approval is to be issued only after the exchanges verify compliance with specified requirements. Among the conditions highlighted is the requirement to obtain prior approval from all recognised stock exchanges where the company is listed. Another disclosed condition is that the company must confirm there are no pending litigations or actions against it that could materially affect shareholder interests. The exchanges also noted a timeline requirement that the final delisting application must be filed within one year of passing the special resolution. These conditions place emphasis on both procedural discipline and legal clarity before delisting can be concluded.

RBB window and what public shareholders are being asked to do

The RBB window is scheduled from October 7 to October 13, 2026, during which public shareholders can tender shares at prices they choose. The acquirer has disclosed an indicative price of ₹353 per share, with the floor price set at ₹252 per share. The offer aims to acquire up to 43,91,220 shares, representing 25.57% held by public shareholders. Because the process is a delisting, the final outcome depends on meeting regulatory thresholds and completing the price discovery procedure under SEBI rules. The company’s disclosures also show that the delisting has been routed through sequential approvals, including a special resolution and exchange in-principle approvals. Public shareholders should track the LOF, the DPA, and the company’s subsequent announcements for the final schedule and procedural steps. The committee’s recommendations under Regulation 28 are also an important reference point in the decision-making process.

Snapshot table: dates, prices, and share quantity

Market impact and why these steps matter

The move to the DPA stage and the publication of the RBB schedule are procedural milestones because they take the delisting beyond internal approvals into an investor action phase. The disclosed indicative price of ₹353 and floor price of ₹252 establish the key price references around which public shareholders will consider tendering decisions. The acquisition target of 25.57% indicates the portion of equity that must be acquired from public shareholders for the promoter group’s delisting intent to progress. The constitution of an independent directors committee under Regulation 28 adds an additional governance layer, focused on minority shareholder interests, alongside the RBB mechanism. Exchange in-principle approvals are significant because they indicate that the company has met initial exchange requirements, but the disclosed conditions show that approvals remain conditional until final compliances are validated. The one-year deadline to file the final application from the special resolution date is another constraint that can shape the process timeline. Taken together, the disclosures frame the delisting as a rules-driven sequence with defined checkpoints rather than a single event.

Conclusion

Hitech Corporation’s voluntary delisting has advanced to the DPA and RBB scheduling stage, supported by in-principle approvals from both BSE and NSE. The next key dates are October 7 to October 13, 2026, when public shareholders can participate in the RBB process with ₹252 as the floor price and ₹353 as the indicative price. The company has also formed a five-member Committee of Independent Directors under Regulation 28 to issue reasoned recommendations on the offer. Final delisting remains subject to meeting exchange conditions, SEBI Delisting Regulations, and completion of the required procedural filings, including the final application within the stipulated timeline.