Hiliks Technologies Sees Change in Control via Rs 26.58 Crore Open Offer

Open offer price set at Rs 72 per share for 26% of expanded equity.
Transaction triggers change in control from existing promoter Extros Developers Private Limited.

Reader Takeaway: New promoters acquire 3.52% stake, triggering mandatory 26% open offer; watch for Detailed Public Statement timeline.

What just happened

Hiliks Technologies Limited has entered into a definitive Share Purchase Agreement (SPA) with new acquirers: Enact Technologies Private Limited, Penumatsa Venkata Raju, and Boyapati Venkata Lakshmi Narasimha Swamy. The group is purchasing 500,000 equity shares (3.52% of the expanded capital) from the existing promoter, Extros Developers Private Limited, for Rs 3.60 crore. This acquisition has triggered a mandatory open offer under SEBI (SAST) Regulations for 26% of the company's expanded equity.

Why this matters

The deal represents a total transfer of control from the previous promoters to the new acquirers. Shareholders now have the opportunity to tender up to 26% of their holdings at a fixed price of Rs 72 per share. The total consideration for the full open offer is estimated at Rs 26.58 crore, which provides an exit or liquidity opportunity for public investors at the regulated offer price.

Regulatory Status

The transaction is not conditional upon any minimum level of acceptance and is not a competing offer. The acquirers have confirmed that the offer price of Rs 72 per share is compliant with SEBI (SAST) Regulations. A Detailed Public Statement (DPS) is scheduled to be released by October 12, 2026, which will outline the formal window for shareholders to tender their shares.

What to track next

Investors should keep a close watch on the publication of the Detailed Public Statement. This document will contain the specific timeline, the record date, and the step-by-step procedure for minority shareholders to participate in the open offer process.