Hiliks Technologies: Open Offer for 26% Stake Announced

Hiliks Technologies Ltd has announced a public open offer for the acquisition of 36,92,000 equity shares, representing 26.00% of the expanded equity and voting share capital. The offer is being made by Enact Technologies Private Limited, Mr. Penumatsa Venkata Raju, and Mr. Boyapati Venkata Lakshmi Narasimha Swamy, along with persons acting in concert. This move is triggered by a Share Purchase Agreement to acquire 5,00,000 equity shares (3.52% of expanded capital) and the acquisition of control over the target company. The acquirers, along with PACs, currently hold 17.88% of the paid-up capital and would hold 25.59% post the share purchase agreement, considering convertible warrants. The offer is in compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.