Date: September 30, 2026
KMP / Board / Auditor Changes
Not Specified
Dividend Declaration or Non-Declaration
Not Specified
Board Meeting Outcomes
Not Specified
Financial Results
Not Specified
Disinvestment / Strategic Actions
Voluntary Delisting Offer Details:
- Acquirer: Geetanjali Trading and Investments Private Limited (member of promoter group)
- Total shares to be acquired: 43,91,220 Equity Shares representing 25.57% of Equity Share Capital
- Floor Price: ₹252 per Equity Share
- Indicative Price: ₹353 per Equity Share
- Methodology: Reverse Book Building process
- Manager to the Offer: Kreo Capital Private Limited
- Initial Public Announcement date: May 25, 2026
- Detailed Public Announcement date: September 25, 2026 (published September 28, 2026)
- Letter of Offer date: September 25, 2026 (dispatched September 29-30, 2026)
- In-principle approval from BSE and NSE received: September 25, 2026
- Shareholder approval through postal ballot obtained: July 10, 2026
Committee of Independent Directors (IDC) Recommendations
IDC Members:
- Mr. Sivaram Swaminathan - Chairperson
- Mr. Aditya Sheth - Member
- Mr. Anjan Ray - Member
- Mrs. Kalpana Merchant - Member
- Mr. Prakash Trivedi - Member
IDC Relationships and Trading:
- All IDC members are Non-Executive Independent Directors
- No equity share ownership in the Company
- No contracts/relationships with the Company or Acquirer
- No trading in Company/Acquirer securities in past 12 months
Recommendation Summary:
The IDC unanimously recommends the delisting offer as fair and reasonable based on:
1. Floor Price of ₹252 calculated per SEBI Delisting Regulations with reference date May 25, 2026
2. Indicative Price of ₹353 is above lifetime high price and approximately 2.11 times the last traded price before announcement
3. Provides exit opportunity through fair and transparent reverse book building mechanism
4. Offers immediate liquidity at premium price for public shareholders
5. Expected to reduce compliance costs and management time spent on exchange requirements
Voting Pattern: Unanimous approval by all IDC members
External Advisor: External Independent Registered Valuer - Securities & Financial Assets provided advice to the committee
Publication Details
Newspaper publication scheduled for:
- Business Standard (English, All editions)
- Navbharat Times (Hindi, All editions)
- Mumbai Lakshadweep (Marathi, Mumbai edition)
Additional Availability: Recommendations available on company website: www.hitechcorporation.co