Sesha Sai Nikhil Chintalapati Triggers Open Offer for Neelkanth Rockminerals Ltd After Substantial Acquisition
Neelkanth Rockminerals Limited has initiated a mandatory Open Offer following an underlying transaction involving the acquisition of shares from Promoter Sellers. Mr. Sesha Sai Nikhil Chintalapati, the Acquirer, triggered the offer after entering into a Share Purchase Agreement (SPA) with the Promoter Sellers on June 06, 2026.The SPA involved the acquisition of 31,29,951 equity shares from the Promoter Sellers at a price of 219.40 per equity share, representing 62.06% of the Voting Share Capital. The total value of this transaction amounts to ₹76,07,21,049.40.
In compliance with regulations regarding substantial acquisition and change in control, Mr. Sesha Sai Nikhil Chintalapati has initiated a secondary Open Offer for the public shareholders of Neelkanth Rockminerals Limited.
Open Offer Details
The mandatory Open Offer is aimed at acquiring up to 13,11,362 fully paid-up equity shares, representing 26.00% of the Voting Share Capital. The offer price has been set at ₹19.40 per equity share. If the entire quantity is accepted, the maximum consideration payable by the Acquirer would be ₹2,54,40,422.80, which will be paid in cash.
Acquirer and Target Company Details
The transaction details are summarized below:
| Detail | Information |
|---|---|
| Target Company Name | Neelkanth Rockminerals Limited |
| Target Company ISIN | INE741D01015 |
| Stock Listing | BSE (Scrip Code: 531049) |
| Acquirer Name | Mr. Sesha Sai Nikhil Chintalapati |
| Pre-Transaction Holding of Acquirer | Nil |
| Proposed Post-Transaction Holding | 31,29,951 shares (62.06%) |
Promoter Sellers and Holdings
The Underlying Transaction details, involving the acquisition from Promoter Sellers, are as follows:
| Details | Value |
|---|---|
| Transaction Type | Direct Acquisition |
| Mode of Transaction | SPA dated June 06, 2026 |
| Shares Acquired | 31,29,951 |
| Percentage Acquired | 62.06% |
| Payment Mode | Cash |
The acquisition involves several Promoter Sellers and their respective pre-transaction holdings:
| Promoter Seller Name | Pre-Transaction Shares | % of Total Voting Share Capital |
|---|---|---|
| Mr. Anil Sayarchand Kawar (Promoter Seller 1) | 4,09,970 | 8.13% |
| Mr. Gautam Chand Kawar (Promoter Seller 2) | 3,98,140 | 7.89% |
| Mr. Noratmal Kawar (Promoter Seller 3) | 4,09,970 | 8.13% |
| Mr. Sajjanraj Kawar (Promoter Seller 4) | 4,09,970 | 8.13% |
| Mr. Shantilal Kanwar alias Kawar Mohanlal Shantilal (Promoter Seller 5) | 6,93,791 | 13.76% |
| Mr. Sohan Lal Kawar (Promoter Seller 6) | 3,98,140 | 7.89% |
| Mr. Sunil Kumar Kawar (Promoter Seller 7) | 4,09,970 | 8.13% |
Further Details
The Detailed Public Statement (DPS) regarding the Open Offer is scheduled to be published on or before Friday, June 12, 2026. The Open Offer is not conditional upon achieving a minimum level of acceptance and is not an Indirect Acquisition.
Stock Price Movement
Neelkanth Rockminerals Ltd settled at ₹23.90 on Friday, surging by 4.87% in post-market trading. The shares saw activity throughout the day, ranging between a low of ₹23.50 and an intraday high of ₹23.92.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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