Harmony Remedies India Private Limited has launched a mandatory open offer to acquire a significant stake in N2N Technologies Limited, targeting up to 12,91,228 equity shares at ₹4.30 per share. The offer, which represents 40% of the expanded voting capital, is being conducted under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Open Offer Details

The acquisition is being managed by Inga Ventures Private Limited, with Harmony Remedies acting alongside persons acting in concert (PACs) Mr. Firoze Nariman Kapadia and Ms. Aditi Vipin Parikh, who serve as representing directors of the acquirer. The offer follows a mandatory requirement under Regulation 4 of the SEBI (SAST) Regulations.

Independent Directors' Recommendation

The committee of independent directors of N2N Technologies Limited has evaluated the offer and provided its recommendation. The committee, comprising Mr. Vijay Shivanand Waingankar as Chairman and Mr. Venkatchalam Raman as Member, has deemed the offer price fair and reasonable.

The IDC noted that the equity shares of the target company are currently suspended from trading and reviewed the quantum of trading and relevant prices on BSE Limited. Since the shares are not frequently traded, the price determination took into account a report on fair value issued by Maheshwari & Co. Chartered Accountants dated October 17, 2025.

Tendering Process and Timeline

The offer opening public announcement was published on April 29, 2026, in multiple newspapers including Financial Express (English national daily), Jansatta (Hindi national daily), Tarun Bharat (Marathi - Pune edition), and Navshakti (Marathi - Mumbai edition).

Public shareholders holding shares in dematerialized form must approach their respective selling brokers to tender their shares before market hours close on the last day of the tendering period. Those holding physical shares need to submit original share certificates along with duly executed transfer forms and other required documents.

Current Status and Regulatory Updates

N2N Technologies Limited's equity shares are presently under suspension from trading due to non-payment of annual listing fees under Regulation 14 of SEBI (LODR) Regulations. The company has filed a revocation of suspension application with BSE on October 24, 2025. The acquirer has paid pending annual listing fees of ₹11,28,314 on November 27, 2025, though outstanding SOP fines totaling ₹8,43,488 (including GST) remain payable.

The Letter of Offer dated April 20, 2026, has been dispatched to all public shareholders as of the identified date (April 16, 2026). The offer is not conditional upon any minimum level of acceptance and no competing offers have been announced. SEBI provided its final observations on the draft letter of offer on April 13, 2026, and all regulatory comments have been incorporated into the final documentation.