Three acquirers announce open offer with proposed control of Hittco Tools
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Subject to approvals, the board cleared a preferential issue at Rs 14.50 each. Irfan Ismail Chapra, Reshma Irfan Chapra and Mubina Gulzar Sofia would receive 52,00,000 shares and 63,00,000 warrants, giving them 41.45% of voting capital and 50.87% if converted. This triggers a cash open offer for up to 58,77,261 shares, 26% on full dilution, at Rs 15.30 for fully paid and Rs 10.30 for partly paid shares, costing up to Rs 8.99 crore.
Control could shift to the acquirers if approved. Public holders may tender at Rs 15.30, but new shares and warrants will dilute existing holdings.