Hitech Corp submits updated due diligence reports for delisting
- Hitech Corp submitted revised due diligence reports covering June 9, 2024, to June 8, 2026
- Promoters hold 74.43% stake with no changes during the two-year review period
- Two share capital audit reports filed to address NSE queries on reporting timelines
- Total issued capital reconciled at 1,71,75,700 shares across BSE and NSE
- Voluntary delisting process continues following shareholder approval in July 2026
*this image is generated using AI for illustrative purposes only.
Hitech Corporation submitted updated due diligence and share capital audit reports to the BSE and NSE on September 8, 2026. The filings address specific queries raised by the NSE regarding the periods covered in earlier documents related to the company's voluntary delisting proposal.
The Board of Directors approved the revised reports via Circular Resolution No. 3/2026-27. These submissions follow the initial board approval for delisting on June 9, 2026, and subsequent shareholder approval received on July 10, 2026. The company had previously filed for in-principle approval with both exchanges on July 10, 2026.
Updated Reporting Periods
Peer Review Practicing Company Secretary Prerana Jadhav issued the revised documents to clarify the coverage timelines. The updated Due Diligence Report covers the period from June 9, 2024, to June 8, 2026. This date range extends up to one day prior to the June 9, 2026, board meeting that considered the delisting proposal.
Two separate Regulation 76 Share Capital Audit Reports were also submitted:
- A report dated September 7, 2026, covering six months from December 9, 2025, to June 8, 2026.
- A report dated September 2, 2026, covering six months from January 10, 2026, to July 9, 2026.
Shareholding Structure
The due diligence review examined trading activities by the acquirer and top public shareholders over the two-year review period ending June 8, 2026. The report confirms no change in the shareholding of the acquirer or related entities during this timeframe.
Promoters and promoter group members currently hold 1,27,84,480 equity shares, representing 74.43% of the paid-up equity capital. The acquirer has confirmed no direct or indirect connection with the top twenty-five public shareholders listed in the filing.
Top Public Shareholders
The filing details the positions of the largest public shareholders as of June 8, 2026. Rajen Anil Shah leads the list with 1,65,000 shares (0.96% stake), followed by Sunil Kumar Daga holding 1,06,000 shares (0.62% stake).
| Shareholder Name | Shares Held | Stake % |
|---|---|---|
| Rajen Anil Shah | 1,65,000 | 0.96% |
| Sunil Kumar Daga | 1,06,000 | 0.62% |
| Jatin Ramesh Shah | 84,840 | 0.49% |
| Nehal Trading And Investments Pvt Ltd | 55,000 | 0.32% |
| Leposhe Trading Enterprises LLP | 53,545 | 0.31% |
Capital Reconciliation
The share capital audit reports reconcile the issued capital against exchange records. The total issued capital stands at 1,71,75,700 equity shares of face value ₹10 each. This figure matches the listed capital on both BSE and NSE records.
Dematerialization data indicates that 89.91% of shares are held in NSDL, while 9.89% are held in CDSL. Physical holdings account for a minimal 1.20% of the total capital. No discrepancies were reported between company records and exchange listings for either reporting period.
Historical Stock Returns for Hitech Corporation
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.18% | +1.11% | +4.96% | +168.39% | +66.53% | +64.74% |
What is the expected timeline for the BSE and NSE to grant final approval for Hitech Corporation's delisting following these updated submissions?
How might the high promoter holding of 74.43% influence the final offer price per share in the open offer process?
Are there any potential regulatory hurdles remaining given the specific queries raised by the NSE regarding the earlier document timelines?
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