Nature of the Disclosure
This is an Offer Opening Public Announcement issued by Mark Corporate Advisors Private Limited (Manager to the Offer) on behalf of the acquirer, Mr. Sesha Sai Nikhil Chintalapati, pursuant to Regulation 18(7) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SEBI SAST Regulations). The announcement was published in newspapers on August 17, 2026.
Key Quantitative Figures
The Open Offer is to acquire up to 13,11,362 fully paid-up equity shares of Neelkanth Rock-Minerals Limited, each with a face value of ₹10, at an Offer Price of ₹19.40 per share. The total offer size, if fully subscribed, would be approximately ₹2.54 crore.
Dates of Action
The announcement was made on August 17, 2026. The revised schedule of activities is as follows:
- Identified Date: August 4, 2026 (for determining shareholders to whom the Letter of Offer was sent)
- Dispatch of Letter of Offer: Electronic mode on August 10, 2026; Physical mode on August 11, 2026
- Offer Opening Date (Commencement of Tendering Period): August 18, 2026
- Offer Closing Date: September 1, 2026
- Last date for payment/return of shares: September 16, 2026
Parties Involved
- Acquirer: Mr. Sesha Sai Nikhil Chintalapati
- Target Company: Neelkanth Rock-Minerals Limited (CIN: L14219RJ1988PLC062162)
- Manager to the Offer: Mark Corporate Advisors Private Limited (SEBI Registration No.: INM000012128)
- Regulator: Securities and Exchange Board of India (SEBI)
- Stock Exchange: BSE Limited
Purpose and Rationale
The purpose is to inform the public shareholders of Neelkanth Rock-Minerals Limited about the commencement of the tendering period for the open offer.
Recommendation of Independent Directors
The Committee of Independent Directors (IDC) of the Target Company has issued a recommendation, published on August 14, 2026. The IDC is of the opinion that the Offer Price of ₹19.40 per share is in line with SEBI regulations and prima facie appears to be justified. They recommend that public shareholders independently evaluate the offer.
Procedure for Tendering Shares
- Physical Shares: Shareholders must provide details like name, address, folio number, and distinctive numbers to their Selling Broker.
- Demat Shares: Shareholders must approach their stockbroker registered with BSE during market hours.
- Non-receipt of Form: Applications can be made on plain paper with requisite details and proof.
The offer is implemented through a separate Stock Exchange Mechanism (Acquisition Window).
Other Material Disclosures
- The acquirer is not associated with any securities-related business nor registered with SEBI as a market intermediary.
- There are no competing offers.
- The Promoter/Promoter Group previously acquired 4,63,850 shares (9.20%) on September 7, 2018.
- There are no directors representing the Acquirer on the Target Company's board.
- No penalties have been imposed by SEBI/RBI/Stock Exchanges on the promoters, directors, or the Target Company.
- No merger/demerger/buy-back has occurred in the last three years.
- There are no contingent liabilities in the Target Company as of March 31, 2026.
- No statutory approvals are currently required to complete the offer, though it will be subject to any that become applicable later.
- The public shareholding may fall below the minimum required level post-acquisition, and the Acquirer will take necessary steps for compliance.
- Changes in the Board of Directors of the Target Company are expected after the closing date.
Documents for Inspection
All documents referred to are available for inspection by public shareholders both electronically and physically. The Letter of Offer is available on the websites of SEBI (www.sebi.gov.in), BSE (www.bseindia.com), and the Manager to the Offer (www.markcorporateadvisors.com).
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