Rs 72 Per Share Offer Puts This Technology Stock in Spotlight

Hiliks Technologies Ltd is set for a change in control after Enact Technologies Private Ltd, Penumatsa Venkata Raju and Boyapati Venkata Lakshmi Narasimha Swamy, along with persons acting in concert, announced a cash open offer to acquire up to 26.00 per cent of the company’s expanded equity capital at Rs 72 per share.

The offer covers up to 36,92,000 fully paid-up equity shares and entails a maximum consideration of Rs 26.58 crore if fully accepted. Hiliks informed BSE and the Metropolitan Stock Exchange of India on October 6, 2026, that it had received the public announcement dated October 5.

The mandatory open offer follows a share purchase agreement under which the acquirers will purchase 5,00,000 Hiliks shares from promoter Extros Developers Private Ltd, formerly Pacheli Developers Private Ltd. The transaction represents 3.52 per cent of the expanded equity and voting share capital and is valued at Rs 3.60 crore, or Rs 72 per share.

Enact Technologies will acquire 1,00,000 shares under the agreement, while Penumatsa Venkata Raju will buy 1,50,000 shares and Boyapati Venkata Lakshmi Narasimha Swamy will acquire 2,50,000 shares. The acquisition will be settled entirely in cash.

Following the promoter-share purchase, the acquirers and persons acting in concert are expected to hold 36,33,173 shares, equivalent to 25.59 per cent of Hiliks’ expanded equity and voting share capital. More importantly, the agreement provides for the acquirers to obtain control of the technology and Railway infrastructure solutions provider.

The offer has been triggered under Regulations 3(1) and 4 of the SEBI Takeover Regulations, which apply when an acquisition results in crossing prescribed shareholding thresholds or a change in control. The offer is not conditional on a minimum level of acceptance and is not a competing offer.

The Rs 72 offer price represents a premium of about 16.2 per cent over Hiliks’ market price of Rs 61.97 at 3.27 pm on October 6, 2026. The stock was up 1.42 per cent from its previous close of Rs 61.10. At that price, it remained about 27.0 per cent below its 52-week high of Rs 84.94, while standing well above its 52-week low of Rs 39.17.

Over the past year, Hiliks shares have risen 1.95 per cent, compared with a 3.22 per cent decline in the BSE 500, implying an outperformance of 5.17 percentage points. The company’s market capitalisation stood at Rs 63.45 crore based on the supplied market data.

The transaction comes after a period of substantial expansion in Hiliks’ business scale. In FY2025-26, consolidated revenue from operations rose more than fourfold to Rs 29.59 crore, driven largely by execution of the Railone railway EPC and system-integration project. However, the shift towards material-intensive railway work also compressed profitability, with consolidated net profit rising to Rs 0.82 crore while the PAT margin stood at 2.8 per cent.

Hiliks operates in railway signalling, telecommunications, EPC execution, geospatial systems and digital technology services. Its railway signalling and telecommunications vertical accounted for about 74 per cent of FY2025-26 revenue, according to the company’s annual report.

The proposed control transfer therefore brings a new shareholder group into a business that has recently expanded its railway project exposure but remains dependent on execution milestones, receivable collections and working-capital management. Consolidated operating cash flow was negative Rs 4.49 crore in FY2025-26 as trade receivables increased during project execution.

Before the proposed transaction, the acquirers and persons acting in concert held 23,33,173 shares, or 17.88 per cent of Hiliks’ fully paid-up capital. Enact Technologies has also been allotted 8,00,000 convertible warrants. After considering conversion of 11,50,000 warrants allotted on September 19, 2026, the expanded equity capital would comprise 1,42,00,000 shares, although listing and trading approvals for the warrant-related shares are awaited. Navigant Corporate Advisors Ltd is managing the offer. A detailed public statement is scheduled for publication on or before October 12, 2026.

Disclaimer: The article is for informational purposes only and not investment advice.