Iykot Hitech Toolroom Faces ₹2.29 Crore Open Offer from Aspect Global Ventures

26,98,298 Shares to be acquired at ₹8.50 per share.
Total consideration ₹2.29 crore.

Reader Takeaway: Open offer triggered by change in control; shareholders can tender shares until June 23, 2026.

What just happened

Aspect Global Ventures Private Limited is making an open offer to acquire 26,98,298 shares of Iykot Hitech Toolroom Ltd. The offer price is fixed at ₹8.50 per share, valuing the total transaction at approximately ₹2.29 crore (₹229.36 lakh). The offer period is scheduled from June 10, 2026, to June 23, 2026.

Why this matters

This open offer is a mandatory response to Aspect Global Ventures acquiring a significant 34.58% stake in Iykot Hitech Toolroom Ltd, which led to a change in joint control. The offer allows existing shareholders to exit or partially exit their investment at a determined price following this change.

The backstory

The Acquirer, Aspect Global Ventures, has a reported net worth of ₹661.46 crore as of March 31, 2026, indicating sufficient financial capacity for the offer. Iykot Hitech Toolroom recently undertook a significant corporate action: the forfeiture of 99,01,931 partly paid-up equity shares due to unpaid call money. This resulted in an adjusted Voting Share Capital of 1,03,78,069 fully paid-up equity shares, which formed the basis for the 26% open offer size.

The change in control was formalized on April 27, 2026, with the consummation of a Share Purchase Agreement. This led to the reconstitution of the board, with new directors appointed and former directors resigning.

What changes now

Following the open offer, Aspect Global Ventures will aim to increase its stake in Iykot Hitech Toolroom. The company has confirmed that there is no intention to delist the shares from the stock exchange as a result of this offer. The offer period is the key immediate change for shareholders.

Risks to watch

Investors should note a compliance lapse where the company delayed filing an intimation under Regulation 31A(10) regarding reclassification, exceeding the 24-hour timeline after the April 27, 2026 event. Additionally, there is an ongoing legal dispute concerning ESIC contributions for the 2002-2008 period, although the company's appeal was allowed by the Madras High Court.

Peer comparison

No direct peer comparison data is available in the filing for this specific open offer event.

Context metrics (time-bound)

• Offer Period: June 10, 2026, to June 23, 2026
• Acquirer's Net Worth: ₹661.46 crore (as of March 31, 2026)
• Stake Acquired by Acquirer: 34.58%
• Offer Size: 26,98,298 Shares
• Offer Price: ₹8.50 per share
• Total Offer Consideration: ₹2.29 crore
• Share Purchase Agreement Consummation: April 27, 2026
• Board Reconstitution Date: April 27, 2026

What to track next

Shareholders should monitor the response to the open offer and track the company's compliance with regulatory filings. The outcome of the ongoing ESIC litigation will also be a point to observe.