Mr. Sesha Sai Nikhil Chintalapati has launched an open offer to acquire up to 13,11,362 equity shares of Neelkanth Rock-Minerals Limited, representing 26.00% of its voting share capital. The offer price is set at ₹19.40 per equity share, valuing the total acquisition at approximately ₹25.44 crore. The offer period runs from August 18, 2026, to September 01, 2026.
Open Offer for Neelkanth Rock-Minerals
Mr. Sesha Sai Nikhil Chintalapati, the Acquirer, has formally announced an open offer to acquire up to 13,11,362 fully paid-up equity shares of Neelkanth Rock-Minerals Limited. This represents 26.00% of the company’s total voting share capital. The offer price is fixed at ₹19.40 per equity share, with payment to be made in cash. This open offer is a result of a Share Purchase Agreement dated June 06, 2026, between the Acquirer and the Promoter Sellers, through which the Acquirer agreed to acquire 31,29,951 equity shares representing 62.06% of the voting share capital.
Offer Details and Timeline
The total value of the open offer is approximately ₹2,54,40,422.80. The offer is being made in compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The Open Offer commences on Tuesday, August 18, 2026, and will close on Tuesday, September 01, 2026. The Acquirer has made firm financial arrangements, including a cash escrow account with Yes Bank, to meet the open offer obligations. The offer is unconditional and not subject to any minimum level of acceptance.
Background and Objectives
The Acquirer’s objective is a substantial acquisition of shares and voting rights, leading to taking control over the management of Neelkanth Rock-Minerals Limited and becoming its Promoter. This move aligns with the Acquirer’s intention to diversify the Target Company’s operations into the Artificial Intelligence (AI) business. The transaction does not involve any indirect acquisition or scheme of arrangement.
The Target Company, Neelkanth Rock-Minerals Limited, is currently not operating any business and generates income primarily from interest. Its equity shares are listed on the BSE Limited, though they are infrequently traded.
Source: BSE
