Mr. Sesha Sai Nikhil Chintalapati has initiated an open offer to acquire up to 26.00% of the equity share capital of Neelkanth Rockminerals Limited from public shareholders at a price of ₹19.40 per share. The offer, aggregating to ₹2,54,40,422.80, is being made pursuant to the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This move follows a Share Purchase Agreement (SPA) dated June 06, 2026, through which the acquirer agreed to purchase 31,29,951 equity shares, representing 62.06% of the voting share capital, from the existing promoter sellers for a total consideration of ₹6,07,21,049.40.

The open offer is not conditional upon a minimum level of acceptance from shareholders. The acquirer has deposited ₹75,00,000 into an escrow account with Yes Bank Limited, representing 29.48% of the maximum consideration payable under the offer. The funds required for the acquisition will be met through the acquirer's own liquid resources, and no borrowings from financial institutions are envisaged. The acquirer has a net worth of ₹4,686.00 Lakhs as certified by CA Ramesh Nemalikanti.

Offer Details and Schedule

The offer opens for tendering on Wednesday, July 29, 2026, and closes on Tuesday, August 11, 2026. The equity shares of the target company are listed on BSE Limited under the symbol NEELKAN. As the shares are infrequently traded, the offer price of ₹19.40 was determined based on valuation parameters including book value and comparable trading multiples, with a fair value of ₹16.88 certified by a registered valuer. The price is also justified by the negotiated price under the SPA.

Financials and Strategic Intent

Neelkanth Rockminerals Limited is currently not operating any business and generates income primarily from interest. For the financial year ended March 31, 2026, the company reported a total revenue of ₹64.41 Lakhs and a Profit After Tax of ₹22.72 Lakhs. The acquirer intends to diversify the operations of the target company into the business of Artificial Intelligence (AI) with prior shareholder approval and may reorganise the capital structure accordingly.

Shareholding Pattern

The table below outlines the shareholding changes post-acquisition and offer, assuming full acceptance of the open offer.

Mark Corporate Advisors Private Limited is acting as the Manager to the Open Offer, while Purva Sharegistry (India) Private Limited has been appointed as the Registrar to the Offer. The acquirer has stated that there is no intention to delist the equity shares of the company pursuant to this open offer.

Neelkanth Rock-Minerals Limited reported a net profit of ₹22.72 lakh for the financial year ended March 31, 2026, an increase from ₹19.55 lakh in the previous year. The company's board approved the audited financial results for the quarter and year ended March 31, 2026, at a meeting held on May 30, 2026. The statutory auditors issued an unmodified opinion on the results.

Total income for the year stood at ₹64.41 lakh, compared to ₹66.43 lakh in FY25. The company reported zero revenue from operations, with total income derived entirely from other income, primarily interest on loans. Total expenses for the year decreased to ₹32.76 lakh from ₹40.30 lakh in the prior year. Earnings per share (EPS) for the year improved to ₹0.45 from ₹0.39 in the previous year.

For the quarter ended March 31, 2026, the company posted a net profit of ₹23.81 lakh, compared to ₹37.01 lakh in the corresponding quarter of the previous year. Total income for the quarter was ₹53.76 lakh, while total expenses amounted to ₹21.99 lakh.

The board also approved the Auditor's Report on the audited financial results and a declaration pursuant to Regulation 33(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. The meeting was conducted pursuant to Regulation 30 and 33 of the SEBI Listing Regulations.

Financial Highlights for FY26

The financial results were reviewed by the audit committee and taken on record by the board. The company stated that although a major portion of its income is earned from interest on loans, the outstanding loans are less than 50% of total assets, and thus it does not meet the criteria for registration as a Non-Banking Financial Company (NBFC).