Hiliks Technologies Limited shareholders are set to receive an open offer from Enact Technologies Private Limited and associated entities. The acquirers propose to purchase up to 36,92,000 equity shares, representing 26.00% of the company's expanded equity and voting share capital, at a price of ₹72 per share.

This public announcement was issued on October 5, 2026, by Navigant Corporate Advisors Limited as the Manager to the Offer. The open offer is triggered pursuant to Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, following a Share Purchase Agreement (SPA) executed on the same date.

Transaction Structure and Control

The acquisition involves three primary acquirers: Enact Technologies Private Limited (Acquirer-1), Penumatsa Venkata Raju (Acquirer-2), and Boyapati Venkata Lakshmi Narasimha Swamy (Acquirer-3). They are acting in concert with Kalidindi Harshitha, Kalidindi Hemanth Varma, and Kalidindi Sunitha. The underlying transaction includes the direct acquisition of 5,00,000 equity shares from Extros Developers Private Limited, the existing promoter, for a total consideration of ₹3.60 crore.

Post this direct acquisition, the acquirers and persons acting in concert will hold 25.59% of the expanded equity and voting share capital. Since the acquirers will also acquire control of the target company, the mandatory open offer is triggered to allow public shareholders to exit or participate at the offer price.

Offer Details and Financials

The open offer is for the acquisition of fully paid-up equity shares with a face value of ₹10 each. The total consideration payable by the acquirers, assuming full acceptance, amounts to ₹26.58 crore. The entire payment will be made in cash, complying with Regulation 9(1)(a) of the SEBI (SAST) Regulations.

Shareholding Pattern Analysis

Prior to the transaction, the acquirers and their associates held 23,33,173 equity shares, constituting 17.88% of the fully paid-up equity share capital. Considering the conversion of 11,50,000 convertible warrants allotted by the Board on September 19, 2026, their holding on a fully diluted basis stands at 22.06%. The acquisition of 5,00,000 shares from the promoter increases this consolidated stake to 25.59% on a fully diluted basis, necessitating the open offer for the remaining 26.00% to reach the regulatory threshold for control.

What the Numbers Show

The offer price of ₹72 per share is identical to the price at which the acquirers purchased 5,00,000 shares directly from the promoter, Extros Developers Private Limited. This alignment suggests that the open offer price is anchored strictly to the underlying transaction value rather than a premium over market rates, reflecting a negotiated control transfer between specific parties. The dilution effect of the convertible warrants is significant, shifting the denominator for shareholding calculations from 1,30,50,000 shares to 1,42,00,000 shares, which impacts the percentage ownership calculations for all stakeholders.

Hiliks Technologies has disclosed the voting results for its 41st Annual General Meeting, held on September 25, 2026. All five resolutions proposed at the meeting were passed by shareholders through electronic voting.

The meeting was conducted via Video Conferencing and Other Audio Visual Means. Remote e-voting was available from September 22 to September 24, 2026, facilitated by CDSL. The scrutiny report confirms that all ordinary and special resolutions received the requisite majority votes in favour.

Voting Results Summary

The following table summarizes the voting outcome for the resolutions transacted at the meeting:

Note: Percentages are calculated on valid votes cast.

Meeting Proceedings

Shareholders approved the adoption of audited standalone and consolidated financial statements for the financial year ended March 31, 2026. The board also addressed director re-appointments and auditor changes during the session.

Veera Venkata Ramana Varma Mudunuri, Chairman of the company, provided an overview of performance for FY26. He highlighted the strengthening presence in the Railway Signalling & Telecommunications sector. The Chairman noted future growth opportunities in railway signalling, telecom, Kavach, EPC, and digital infrastructure.

Governance Updates

The appointment of M/s Jain Alok & Associates as Secretarial Auditor marks a change in compliance oversight for a five-year term. The re-appointment of Sandeep Copparapu as Whole-Time Director required a special resolution, reflecting significant shareholder confidence in his continued leadership.

The meeting concluded with a vote of thanks from the Company Secretary and the Chairman. Shareholders who did not vote remotely had a 15-minute window to cast votes electronically after the AGM concluded.