Hitech Corporation Limited has announced the success of its voluntary delisting offer, with the reverse book building process yielding a discovered price of ₹425 per equity share. The acquirer, Geetanjali Trading and Investments Private Limited, now holds 92.67% of the remaining shares, surpassing the mandatory 90% threshold under SEBI Delisting Regulations.

The delisting offer opened on October 7, 2026, and closed on October 13, 2026. During this period, a total of 34,16,208 equity shares were bid upon across 778 valid bids. The discovered price of ₹425 represents a significant premium over the floor price of ₹252 and the indicative price of ₹353. The acquirer must now accept or reject this discovered price to finalize the transaction.

Outcome of Reverse Book Building Process

The Manager to the Delisting Offer, Kreo Capital Private Limited, confirmed that the post-offer promoter shareholding stands at 92.67% of the remaining shares. This exceeds the minimum requirement of 1,53,14,213 shares (90% of remaining shares) stipulated by Regulation 21 of the SEBI (Delisting of Equity Shares) Regulations, 2021. Consequently, the offer is deemed successful provided the acquirer accepts the discovered price.

Shareholding Structure Shift

Prior to the delisting offer, the promoter group held 74.43% of the total issued equity shares. Following the acceptance of bids at or below the discovered price, an additional 29,84,693 shares were acquired, raising the promoter stake to 91.81% of total issued shares. Notably, 4,31,515 shares were bid above the discovered price, indicating strong shareholder conviction at higher valuations, though these bids are not eligible for settlement at the discovered rate.

What the Numbers Show

The gap between the indicative price of ₹353 and the discovered price of ₹425 highlights a 20.4% premium driven by market demand during the bidding window. Furthermore, the fact that only 17.54% of remaining shares were successfully bid at or below the discovered price suggests that a significant portion of public shareholders either did not participate or held out for higher prices, yet the aggregate acquisition still comfortably cleared the 90% regulatory hurdle due to the already high pre-existing promoter holding of 75.13%.

Hitech Corporation Limited has received the Letter of Offer (LOF) dated September 29, 2026, from Kreo Capital Private Limited on behalf of the acquirer, Geetanjali Trading and Investments Private Limited. This development follows the receipt of the Detailed Public Announcement (DPA) issued in accordance with SEBI (Delisting of Equity Shares) Regulations, 2021.

The Board passed a circular resolution on September 29, 2026, under Regulation 28, constituting a Committee of Independent Directors to provide reasoned recommendations on the voluntary delisting from BSE and NSE. The committee is tasked with evaluating the offer to protect minority shareholder interests during the reverse book building process.

Composition of the independent director committee

The newly formed Committee of Independent Directors comprises five members. Their role is critical in ensuring that the interests of minority shareholders are protected during the reverse book building process.

Delisting offer details and pricing

The acquirer proposes to acquire up to 43,91,220 equity shares held by public shareholders, representing 25.57% of the total paid-up equity share capital. The DPA was published in Business Standard, Navbharat Times, and Mumbai Lakshadeep on September 28, 2026, following in-principle approval from both stock exchanges on September 25, 2026.

The acquirer has set an indicative price of ₹353 per equity share for the reverse book building (RBB) process. The floor price, determined by an independent registered valuer, stands at ₹252 per share. The total escrow amount deposited by the acquirer is ₹155.01 crore, calculated based on the indicative price and the number of public shares as of September 28, 2026.

IDC recommendations on delisting offer

On September 30, 2026, the Committee of Independent Directors (IDC) submitted its recommendations to the stock exchanges, declaring the delisting offer fair and reasonable. The committee unanimously approved the recommendation after reviewing the Initial Public Announcement, valuation reports, board approvals, and shareholder resolutions.

The IDC highlighted that the indicative price of ₹353 per share exceeds the lifetime high price of the company's equity shares on the exchanges. Furthermore, this price represents approximately 2.11 times the last traded price prior to the announcement of the delisting offer. The committee noted that the offer provides an immediate liquidity option for public shareholders who might otherwise find it difficult to exit large positions without impacting the market price.

The IDC advised public shareholders to independently evaluate the offer and the company's market performance before bidding in the reverse book building process. The recommendations were unanimously approved, with no external professional advisor other than the registered valuer attending the meeting.

Schedule of activities

The bid period for public shareholders to tender their shares will commence on October 7, 2026, and close on October 13, 2026. The discovered price will be determined through the RBB mechanism, subject to acceptance by the acquirer. Key dates in the delisting timeline are outlined below:

Regulatory framework and conditions

Both exchanges outlined specific conditions that must be met before final approval is issued. The company is required to seek prior approval from all recognized stock exchanges where it is listed. Furthermore, the company, along with the acquirer and the manager to the delisting offer, must comply with all applicable provisions of the Delisting Regulations.

A critical condition involves legal standing. The company must confirm that there are no pending litigations or actions against it pertaining to its activities in the securities market or any other matter having a material bearing on the interests of its equity shareholders.

The approvals were issued under Regulation 12 of the SEBI (Delisting of Equity Shares) Regulations, 2021. The exchanges reserved the right to withdraw the in-principle approval at any later stage if the information submitted is found to be incomplete, incorrect, misleading, or false. This includes any contravention of exchange rules, bye-laws, regulations, or guidelines issued by statutory authorities.

It is clarified that this in-principle approval shall not be construed as final approval for delisting. The final approval will be issued only after all specified compliances are verified by the respective exchanges.