Hitech Corporation delisting update: revised reports 2026

What changed on September 8, 2026

Hitech Corporation has moved the voluntary delisting process forward by submitting updated compliance documents to both stock exchanges. On September 8, 2026, the company filed revised due diligence and share capital audit reports with BSE and NSE. The filing was disclosed through an exchange announcement under Regulation 30 (LODR) titled “Delisting Update”. The company said the revised submissions respond to specific queries raised by the National Stock Exchange of India (NSE). Those queries related to the review periods covered in earlier versions of the documents.

The revised reports were approved by the Board of Directors through Circular Resolution No. 3/2026-27. The intent, as stated in the filing, is to align the documents with what is required for stock exchange in-principle approval under the SEBI (Delisting of Equity Shares) Regulations, 2021.

What the revised reports cover

The exchange filing states that the documents include a Due Diligence Report under the SEBI (Delisting of Equity Shares) Regulations, 2021. It also includes Share Capital Audit Reports submitted as per Regulation 76 of the SEBI (Depositories and Participants) Regulations, 2018. The company’s clarification focuses on period coverage, indicating the NSE asked the company to adjust or update earlier reporting windows.

While the company has not shared the full text of the reports in the provided information, the disclosure makes clear that the submission is part of the in-principle approval workflow. This stage is typically required before the reverse book building process can proceed.

How the delisting process has unfolded so far

Hitech Corporation’s delisting proposal has followed a defined sequence of board approval, shareholder approval, and exchange filings. The initial board approval for voluntary delisting was granted on June 9, 2026. The company also informed that, in line with the SEBI (Prohibition of Insider Trading) Regulations, 2015, the trading window would be closed until 48 hours after the announcement of the board meeting outcome scheduled on June 9, 2026.

Shareholders subsequently approved the voluntary delisting via postal ballot on July 10, 2026. The company had also filed for in-principle approval with both exchanges on July 10, 2026.

The September 8 submission is therefore a continuation of the same regulatory track, focused on addressing exchange-level clarifications before the process can move to the next stage.

Shareholder vote: margins and public shareholder threshold

The delisting proposal received strong shareholder backing. The company disclosed that 99.67% of total votes were cast in favour of the special resolution. It also noted that public shareholder support was approximately 19.4 times the votes against. This exceeds the SEBI-required threshold where votes cast by public shareholders in favour must be at least two times the votes cast against.

This public shareholder test matters because voluntary delisting in India requires not only a special resolution, but also a separate public shareholder approval metric designed to prevent delisting without adequate minority support.

Promoter holding and the stake targeted in delisting

The promoter group involved is Geetanjali Trading and Investments. The promoters intend to acquire the remaining public shareholding of 25.57% under the delisting proposal. As of June 8, 2026, promoters and members of the promoter group held 74.43% (1,27,84,480 shares) out of a total equity share count of 1,71,75,700. The company stated there was no change in promoter holdings during the review window referenced.

These numbers frame the transaction structure: the process aims to move from a listed company with a public float to a promoter-controlled, delisted entity by buying out public shareholders through the SEBI-regulated mechanism.

Pricing: floor price, indicative price, and the traded price

The article information includes multiple price references relevant to investor decision-making. The floor price for delisting was set at Rs 252 per share as per SEBI regulations. Separately, the delisting proposal carried an indicative price of Rs 353 per share.

In the secondary market, the share was reported at Rs 328.4 on NSE and Rs 325 on BSE as of September 18, 2026. These traded prices sit below the indicative delisting price mentioned, which can be an input for investors tracking how the market is pricing delisting probability and terms.

The information also notes that the company’s operational performance was described as solid in the same context. It adds that such a turnaround “might” lead some public shareholders to seek a higher discovery price during reverse book building, though the final discovered price depends on the bids received.

Other disclosures and shareholder communications in September

The exchange update sits alongside other recent communications. The company’s disclosure log includes:

• September 3, 2026: Announcement under Regulation 30 (LODR) for a newspaper publication.
• September 2, 2026: Letter to shareholders as per Regulation 36(1)(B) of SEBI (LODR) Regulations, 2015.
• September 8, 2026: Regulation 30 announcement on delisting update with revised due diligence and audit reports.

Separately, the company noted its 35th AGM scheduled for September 24, 2026. It also indicated that the annual report for FY2025-26 was shared, along with reminders related to KYC and demat.

Regulatory backdrop and publication of results

Hitech Corporation said it is in the process of obtaining necessary approvals under the SEBI (Delisting of Equity Shares) Regulations, 2021. In addition, it disclosed that audited standalone and consolidated financial results were published on August 18, 2026 in Business Standard and Mumbai Lakshadeep, pursuant to Regulation 47(1)(b) of the SEBI (LODR) Regulations, 2015.

The company also published notices in July 2026 seeking Central Government approval for the reappointment of Managing Director Mr. Malav Ashwin Dani for a five-year term. While separate from delisting, such corporate approvals are often tracked by investors alongside major capital market actions.

Key facts at a glance

Timeline: approvals and disclosures

What investors typically watch next in a delisting case

From the information provided, the immediate focus is on exchange in-principle approval, since the September 8 revisions were filed specifically to address NSE queries. Investors generally track whether the exchanges accept the updated reports without further clarifications, and how quickly the process proceeds once approvals are in place.

In parallel, market participants often monitor the relationship between the floor price, indicative price, and prevailing traded price. Here, the cited market price as of September 18, 2026 remains below the indicative level of Rs 353, while the regulatory floor price is materially lower at Rs 252. The eventual reverse book building outcome, if the process reaches that stage, will determine the discovered price at which promoters can acquire shares from public shareholders.

Conclusion

Hitech Corporation’s voluntary delisting has entered a documentation refinement phase, with revised due diligence and share capital audit reports filed on September 8, 2026 after NSE queries on reporting periods. The process remains anchored to board approval from June 9, 2026 and shareholder approval secured on July 10, 2026, with the next key milestone being exchange in-principle clearance and the subsequent steps prescribed under SEBI’s delisting regulations.