Nature of the Event
Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding change in management and control of N2N Technologies Limited.
Key Details
Board Approval and Effective Date
The Board of Directors of N2N Technologies Limited, at its meeting held on August 12, 2026 (commencing at 6:00 pm and concluding at 6:18 pm), approved the change in management and control of the Company. The change is effective from August 13, 2026.
Transaction Background
The change in management and control is pursuant to the recently concluded Open Offer made by Harmony Remedies India Private Limited ("Acquirer"), along with Mr. Firoze Nariman Kapadia ("PAC1") and Ms. Aditi Vipin Parikh ("PAC2"), in accordance with the applicable provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Parties Involved
Acquiring Entities:
- Harmony Remedies India Private Limited (Acquirer)
- Mr. Firoze Nariman Kapadia (PAC1) - Representing Director of the Acquirer
- Ms. Aditi Vipin Parikh (PAC2) - Representing Director of the Acquirer
Outgoing Promoters:
- Rahul Dilip Shah (DIN: 01545609) - ceases to be Promoter effective August 13, 2026
- Rekha Rani Sarawgi - ceases to be Promoter effective August 13, 2026
Transaction Details
- Related Party Status: The Acquirer/PACs are not related parties of the Company prior to the change in management and control.
- Transaction Basis: Change is pursuant to the Open Offer and acquisition of shares/control under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
- Consideration: Paid in accordance with terms of the Open Offer and SEBI Takeover Regulations.
- Shareholding Acquisition: The Acquirer/PACs have not acquired shareholding/voting rights in the Company pursuant to the Open Offer.
- Nature of Control Acquired: Control over management and affairs of the Company, including right to exercise control over management and policy decisions.
Impact and Changes
- Promoter Status: Rahul Dilip Shah's shareholding shall be reclassified from Promoter category to Public category.
- Board Composition: The Board of Directors is being reconstituted. Details of appointment/cessation of Directors will be disclosed separately under Regulation 30.
- Business Change: The Company shall cease to be engaged in the IT & Software consulting business after the change in control.
Additional Information
Further details regarding the Acquirer/PACs are available in the Public Announcement, Detailed Public Statement and Letter of Offer issued in connection with the Open Offer.