Iykot Hitech open offer draws zero response from shareholders

1 min read Updated on 08 Jul 2026, 08:25 PM

Reviewed by

Naman SScanX News Team

AI Summary

Aspect Global Ventures Private Limited's open offer to acquire 26% of Iykot Hitech Toolroom Limited saw zero shares tendered. The offer, priced at ₹8.50 per share, closed on June 23, 2026. Consequently, the acquirer's holding remains at 34.58%.

*this image is generated using AI for illustrative purposes only.

Aspect Global Ventures Private Limited's open offer to acquire up to 26% of Iykot Hitech Toolroom Limited concluded with zero shares tendered by public shareholders. The offer, which opened on June 10, 2026, and closed on June 23, 2026, was priced at ₹8.50 per share for a total consideration of ₹2,29,35,533. No shares were accepted, and the date of payment of consideration was scheduled for July 01, 2026.

The open offer was triggered by the acquirer's prior acquisition of 35,89,080 equity shares, representing 34.58% of the voting share capital, on April 24 and April 27, 2026. This transaction gave the acquirer control over the target company. The offer size was calculated based on an existing voting share capital of 1,03,78,069 fully paid-up equity shares, following the forfeiture of 99,01,931 partly paid-up shares.

Offer Details

Particulars	Details
Target Company	Iykot Hitech Toolroom Limited
Acquirer	Aspect Global Ventures Private Limited
Manager to the Offer	Saffron Capital Advisors Private Limited
Offer Price	₹8.50 per equity share
Offer Size	26,98,298 equity shares (26%)
Date of Opening	Wednesday, June 10, 2026
Date of Closure	Tuesday, June 23, 2026

Acquisition Outcome

Particulars	Proposed	Actuals
Shares Tendered	26,98,298	0
Shares Accepted	26,98,298	0
Acquirer Post-Offer Holding	62,87,378 (60.58%)	35,89,080 (34.58%)
Public Post-Offer Holding	38,58,131 (37.18%)	65,56,429 (63.17%)

The acquirer's shareholding remains at 35,89,080 shares, or 34.58% of the voting share capital, while public shareholders continue to hold 65,56,429 shares, representing 63.17%. The forfeiture of 99,01,931 partly paid-up shares was approved by the board on January 9, 2026, and BSE notice no. 20260511-25 dated May 11, 2026, confirmed this action, though the corporate action process was still pending at the time of the advertisement.

How will the acquirer's inability to increase its stake beyond 34.58% impact its governance control over Iykot Hitech Toolroom Limited?

What strategic alternatives might Aspect Global Ventures pursue to consolidate its holding given the lack of public interest in the open offer?

Will the acquirer attempt another open offer at a higher price point to incentivize public shareholders to tender their shares?

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Iykot Hitech Toolroom Forfeits 99,01,931 Partly Paid-Up Equity Shares Following Non-Payment of Call Money

1 min read Updated on 12 May 2026, 08:52 PM

Reviewed by

Jubin VScanX News Team

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AI Summary

Iykot Hitech Toolroom Limited forfeited 99,01,931 partly paid-up equity shares of ₹5 each after shareholders failed to pay the First and Final Call money despite multiple reminder notices. The Board approved the forfeiture on January 09, 2026, and BSE formally acknowledged the process via Notice No. 20260511-25 dated May 11, 2026. As a result, the company's paid-up share capital has been revised from 2,02,80,000 equity shares (including partly paid-up) to 1,03,78,069 fully paid-up equity shares of ₹5 each. The company is currently completing the cancellation process with depositories NSDL and CDSL.

*this image is generated using AI for illustrative purposes only.

Iykot Hitech Toolroom Limited has forfeited 99,01,931 partly paid-up equity shares of face value ₹5 each, following persistent non-payment of First and Final Call money by the concerned shareholders. The Board of Directors had approved the forfeiture at its meeting held on January 09, 2026, after the company issued multiple reminder-cum-forfeiture notices that went unheeded. The development was disclosed to BSE Limited pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Forfeiture Details

The company had issued various reminder-cum-forfeiture notices to the concerned shareholders prior to proceeding with the forfeiture. Despite these reminders, the call money remained unpaid, prompting the Board to proceed with the forfeiture and subsequent cancellation of these shares. BSE Limited formally acknowledged the completion of the forfeiture process through Notice No. 20260511-25 dated May 11, 2026.

The key details of the forfeiture are summarised below:

Parameter:	Details
Number of Shares Forfeited:	99,01,931 Partly Paid-up Equity Shares
Face Value:	₹5 per share
Reason for Forfeiture:	Non-payment of First and Final Call money
Date of Board Approval:	January 09, 2026
BSE Notice Date:	May 11, 2026

Impact on Share Capital

Following the forfeiture and cancellation of the aforementioned shares, the paid-up share capital of the company stands revised as follows:

Capital Structure:	Details
Pre-Forfeiture Capital:	2,02,80,000 Equity Shares (including partly paid-up)
Post-Forfeiture Capital:	1,03,78,069 Fully Paid-up Equity Shares of ₹5 each

The company has stated that it is in the process of completing the corporate actions for the cancellation of the said shares with the depositories, namely NSDL and CDSL.

Exchange Communication

Trading members of BSE were informed through Notice No. 20260511-25, issued by the Listing Operations department on May 11, 2026, that Iykot Hitech Toolroom Limited had forfeited 99,01,931 equity shares of ₹5 each, which were partly paid-up due to non-payment of allotment/call monies. The notice was signed by Marian Dsouza, Assistant Vice President, and Karan Shah, Deputy Manager. The disclosure to the exchange was made on May 12, 2026, and signed by Sukumar Anand Shetty, Additional Director (DIN: 03540525).

How might the significant reduction in paid-up share capital from ~2 crore to ~1 crore shares impact Iykot Hitech Toolroom's valuation, liquidity, and attractiveness to institutional investors?

Will the forfeited shares be re-issued or cancelled permanently, and could the company use proceeds from any re-issuance to fund future expansion or working capital requirements?

What does the large-scale non-payment of call money by shareholders — nearly 49% of total shares — signal about investor confidence in Iykot Hitech Toolroom's business prospects?