Open Offer for Neelkanth Rock-Minerals Ltd: Mr. Sesha Sai Nikhil Chintalapati Offers Up to 26% Stake at ₹19.40 per Share

Open Offer for Neelkanth Rock-Minerals Ltd: Mr. Sesha Sai Nikhil Chintalapati Offers Up to 26% Stake at ₹19.40 per Share​

A takeover bid has been initiated by Mr. Sesha Sai Nikhil Chintalapati (the Acquirer) for Neelkanth Rock-Minerals Limited (Neelkanth), offering public shareholders the opportunity to acquire up to 26% of the Target Company's voting share capital. The Open Offer is set at a price of ₹19.40 per equity share and will be open from July 29, 2026, until August 11, 2026.

The offer details involve acquiring up to 13,11,362 fully paid-up equity shares with a face value of ₹10 each, representing the specified 26.00% of the Target Company's voting share capital. The total estimated consideration for this Open Offer is ₹2,54,40,422.80.

The transaction forms part of a broader acquisition structure; the Acquirer has already entered into a Share Purchase Agreement (SPA) with several Promoter Sellers, including Mr. Anil Sayarchand Kawar and others, to acquire 31,29,951 equity shares, representing 62.06% of the Target Company's voting share capital. The total purchase consideration for this SPA is ₹6,07,21,049.40, of which ₹2,00,00,000 was paid as Earnest Money Deposit (EMD).

Offer Schedule and Key Stakeholders​

The Open Offer process is being managed by Mark Corporate Advisors Private Limited, while Purva Sharegistry (India) Private Limited serves as the Registrar to the Offer. The offer details are outlined below:

Financial Justification and Acquirer Commitment​

The offer price of ₹19.40 was deemed justified based on valuation parameters. A third-party report certified the Fair Value per Equity Share at ₹16.88.

To ensure the commitment to the Open Offer, the Acquirer has made firm financial arrangements. The total funds required for implementing the maximum acquisition consideration have been established, and a Cash Escrow Account was opened with Yes Bank Limited, into which an amount of ₹75,00,000 has been deposited as part of the arrangement.

The Acquirer confirmed adequate financial resources to meet all obligations related to the Open Offer through their own liquid resources.

Target Company Profile and Financials​

Neelkanth Rock-Minerals Limited was established in 1988 and maintains its registered office in Jodhpur, Rajasthan. The company's Issued, Subscribed, and Paid-up Equity Share Capital stands at ₹5,04,37,000, comprising 50,43,700 equity shares of ₹10 each, representing 100% of the issued capital.

The financial performance data for the Target Company across three fiscal years shows:


The company's overall financial position is summarized in the table below:

Transaction Details and Process​

The underlying transaction involves the Acquirer acquiring the Promoter Sellers' total holding of 31,29,951 shares at ₹19.40 per share. The SPA was executed on June 06, 2026.

The Open Offer is available to all public shareholders (excluding the parties to the agreement and Deemed PACs). Shareholders who are eligible are required to submit documentation confirming that the tendered shares are free from any liens or encumbrances and include all attached rights, such as dividends or bonuses. The process for tendering includes mechanisms for both dematerialised and physical shares, with details on compliance and payment procedures provided in the relevant documents.

A table summarizing the shareholding status prior to and after the proposed transactions is provided below:


Note: The number of Public Shareholders as on the Identified Date was 2,683.

Stock Price Movement​

Neelkanth Rockminerals Ltd settled at ₹38.89 on Friday, surging 4.99% after the market closed.The shares traded completely flat throughout the day, as the intraday high and low remained locked at ₹38.89.