Description

BSE announces an open offer by Harmony Remedies India Private Limited (Acquirer) along with PACs to acquire up to 40% of N2N Technologies Limited's expanded voting share capital at Rs. 4.30 per share, open from April 30 to May 14, 2026.

Summary

BSE has announced the opening of an Offer to Buy (Acquisition Window) for N2N Technologies Limited under the takeover mechanism. Harmony Remedies India Private Limited (Acquirer), along with Mr. Firoze Nariman Kapadia (PAC 1) and Ms. Aditi Vipin Parikh (PAC 2), is making a mandatory open offer to public shareholders of N2N Technologies Limited at Rs. 4.30 per equity share to acquire up to 40% of the expanded voting share capital.

Key Points

  • Acquirer: Harmony Remedies India Private Limited
  • Persons Acting in Concert (PAC): Mr. Firoze Nariman Kapadia (PAC 1) and Ms. Aditi Vipin Parikh (PAC 2)
  • Target Company: N2N Technologies Limited
  • Offer Price: Rs. 4.30 per fully paid-up equity share (face value Rs. 10.00 each)
  • Number of shares offered to be acquired: 12,91,228 shares (40% of Expanded Voting Share Capital)
  • This is a mandatory open offer under SEBI SAST Regulations 4, 13(4), 14(3), and 15(2)
  • Offer operates through the BSE Acquisition Window mechanism per SEBI circular CIR/CFD/POLICYCELL/1/2015 dated April 13, 2015 and CFD/DCR2/CIR/P/2016/131 dated December 9, 2016

Regulatory Changes

No new regulatory changes are introduced. The offer operates under the existing framework:

  • SEBI circular CIR/CFD/POLICYCELL/1/2015 (April 13, 2015)
  • SEBI circular CFD/DCR2/CIR/P/2016/131 (December 9, 2016)
  • BSE notices: 20170210-16, 20190424-35, 20200528-32, 20201102-43, 20210825-62 (Revised Guidelines)

Compliance Requirements

  • Trading Members and Custodians must note the open offer window and facilitate client participation during the offer period
  • Market participants must follow the Revised Guidelines of SEBI circular CFD/DCR2/CIR/P/2016/131 and BSE notice 20170210-16 and 20190424-35
  • Public shareholders of N2N Technologies wishing to tender shares must do so within the offer window via the BSE Acquisition Window
  • Offer details are available on the BSE website at www.bseindia.com
  • Letter of Offer is attached to the notice for participant reference

Important Dates

  • Notice Date: April 27, 2026
  • Offer Opening Date: Thursday, April 30, 2026
  • Offer Closing Date: Thursday, May 14, 2026
  • Excluded Day: Friday, May 1, 2026 (SEBI Holiday)
  • Effective offer duration: April 30 – May 14, 2026 (excluding May 1, 2026)

Impact Assessment

This open offer has a high and direct impact on public shareholders of N2N Technologies Limited. Eligible shareholders have a time-bound opportunity to tender their shares at a fixed price of Rs. 4.30 per share. At 40% of expanded voting share capital (12,91,228 shares), the offer represents a significant change in ownership structure. Trading members and custodians must ensure client awareness and facilitate tendering within the two-week offer window. The offer price of Rs. 4.30 against a face value of Rs. 10.00 indicates the shares trade at a discount to face value, which may influence shareholder participation decisions.

Impact Justification

Mandatory open offer directly affects N2N Technologies shareholders with a defined offer price and acquisition window; requires immediate action from eligible shareholders within a specific timeframe.