Technojet Consultants Limited has announced an open offer under the SEBI (SAST) Regulations following a proposed change in control. Acquirer Nimesh Sahadeo Singh has offered to acquire 1,82,000 equity shares, representing 26% of the emerging equity capital, at ₹48 per share. The transaction includes a preferential allotment and a share purchase agreement with existing promoters, which would raise the acquirer's stake to 67.33% after completion.
Technojet Consultants Announces Open Offer Following Proposed Change in Control
Open offer: 1,82,000 shares at ₹48 per share
Proposed post-transaction holding: 67.33% of emerging equity capital
Reader Takeaway: Control change is proposed; shareholder approvals and offer completion remain key milestones.
What just happened
Technojet Consultants Limited has announced an open offer under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
The offer has been triggered by proposed acquisition of control by Nimesh Sahadeo Singh through a combination of a preferential allotment and a Share Purchase Agreement (SPA) with the existing promoter group.
The open offer is for 1,82,000 equity shares, representing 26% of the company's emerging equity and voting share capital, at a cash offer price of ₹48 per share. Assuming full acceptance, the total consideration amounts to ₹87.36 lakh.
Why this matters
The transaction represents a proposed change in control of the company.
If completed, the acquirer will hold 4,71,293 equity shares, representing 67.33% of the post-issue equity share capital.
What changes now
The proposed acquisition consists of two linked transactions.
First, the board has approved a preferential issue of 5,00,000 equity shares at ₹48 per share. Of these, 3,25,000 shares are proposed to be allotted to the acquirer and 1,75,000 shares to other public investors.
Second, the acquirer has signed a Share Purchase Agreement dated September 18, 2026 to acquire 1,46,293 shares from existing promoters, including Ness Nusli Wadia and Wadia-related entities, at ₹48 per share for a total consideration of about ₹70.22 lakh.
Risks to watch
Investors should monitor:
- Shareholder approval at the Extraordinary General Meeting scheduled for October 30, 2026.
- Publication of the Detailed Public Statement expected on or before September 25, 2026.
- Completion of the preferential allotment and promoter share acquisition.
- Progress of the open offer under SEBI takeover regulations.
What to track next
The next major trigger will be the Extraordinary General Meeting and subsequent regulatory milestones that determine the completion of the control transaction and open offer process.