Technojet Consultants Acquisition Explained: Control of a Listed Company for ₹70 Lakh

Quick answer: On 18 September 2026, the Wadia promoter group agreed to sell its 73.15% stake in BSE-listed Technojet Consultants to investor Nimesh Sahadeo Singh for ₹70.22 lakh, or ₹48 a share. Including new shares and a SEBI-mandated open offer, he could spend up to about ₹3.1 crore for control of a company with no operating business.

Control of a BSE-listed company just changed hands for ₹70.22 lakh. On 18 September 2026, the Wadia promoter group agreed to sell its entire 73.15% stake in Technojet Consultants to Mumbai-based investor Nimesh Sahadeo Singh at ₹48 a share. At that price, the whole company was valued at ₹96 lakh, less than a flat in most Indian cities.

The ₹70 lakh is only the first part. The buyer is also putting ₹1.56 crore into new shares, and because Technojet is listed, SEBI’s takeover rules require him to offer to buy shares from the public as well. This piece explains what Technojet is, who bought it, how the deal is structured, how the ₹48 open offer price was set, and what happens next.

The deal in numbers

What Technojet Consultants is

Technojet was set up in 1982 to provide technical know-how, and later accountancy and secretarial services. Its registered office is at Neville House in Ballard Estate, Mumbai, the Wadia group’s head office.

Today it has no operating business. The offer document says there is “no business activity in the company”. It reported revenue of ₹12 lakh in FY2025 and nothing in FY2024 or FY2026, with losses in both of those years. Net worth was ₹34.8 lakh at 30 June 2026.

So the buyer is not buying a business. He is buying a listed company: a clean BSE listing, its shareholders and its filing history. Small listed companies with little or no operations are often called shells. Buyers pay for them because listing a new company from scratch takes far longer and costs far more.

Who the buyer is

Nimesh Sahadeo Singh is 49, based in Mumbai, and has more than 27 years in accounts and finance, including merchant banking. His net worth is certified at ₹120.86 crore as of 31 August 2026. He is also a promoter of Bil Energy Systems, another BSE-listed company.

He has said he may continue the existing business or diversify, but that no decision has been taken. He plans to keep the company listed, and the board may be reconstituted after completion.

How the deal is structured

The deal has three parts, and each one needs the next.

1. Buy the promoter stake. The share purchase agreement transfers all 1,46,293 promoter shares to the buyer for ₹70.22 lakh. The Wadia entities will hold nothing afterwards and may be reclassified as public shareholders.

2. Issue new shares. The board has approved 5,00,000 new shares at ₹48, subject to a shareholder vote on 30 October 2026. The buyer takes 3,25,000 of them for about ₹1.56 crore. This brings fresh cash into a company with almost none, and lifts his stake to 67.33% of the larger capital.

3. Make the open offer. Because he is taking control and crossing 25% of the votes, SEBI’s takeover regulations require an open offer for at least 26% of the shares. He has offered to buy up to 1,82,000 shares at ₹48.

Counting the promoter stake and his new shares, the buyer is committing about ₹2.26 crore before the open offer, more than three times the headline price.

How the ₹48 offer price was set

SEBI’s rules set the open offer price at the highest of several benchmarks. For Technojet:

The market price barely matters here. Only 101 Technojet shares traded on the BSE in the year to August 2026. The last trade was on 1 December 2025 at ₹99.54. That is why some screens show the stock at roughly double the offer price. One tiny trade almost a year ago is not a market price, and SEBI’s rules ignore it for infrequently traded shares.

The buyer has deposited ₹90 lakh in escrow with Axis Bank, more than the full ₹87.36 lakh the offer could cost.

What happens next

The shareholder vote on the new shares is on 30 October. The tendering window runs from 9 to 23 November 2026, and payment to shareholders who tender is due by 8 December.

If every eligible share were tendered, the buyer would own 93.33% of Technojet. SEBI requires listed companies to keep at least 25% public shareholding, so he would then have to sell down to 75% within the time SEBI allows. Because the offer matches the deal price and sits above the valuer’s fair value, any holder who wants out has a clean exit, but how many will tender is open.

The offer document also discloses, for completeness, a SEBI case involving group company Bombay Dyeing. The Securities Appellate Tribunal set aside SEBI’s order in January 2026, and SEBI’s appeal is pending in the Supreme Court. It does not involve Technojet directly.

Who walked away with what

The Wadia group exits a dormant company for ₹70.22 lakh.

The buyer gets control of a listed company with about ₹2.4 crore of fresh capital going in.

Public shareholders can sell at ₹48 in November, or hold and wait to see what the new owner does.

The lesson for a small buyer

The headline price is never the full cost of control. Here, the promoter stake cost ₹70 lakh. Control cost more than three times that once the new shares, the open offer, the escrow, the merchant banker and the valuer are counted.

Private deals work the same way. The price in the LOI is one line. Working capital you have to put in, the cash cushion for the handover, advisor and legal fees, and stamp duty all sit outside it. Budget for the total cost of control, not the share price, and see how to value a small business in India and the real cost of buying a business.

And know what you are buying. Here it is a listing, not a business. In most deals it is the other way round, and the business has to justify the price on its own.

For the deeper numbers, read the full teardown in Kautilya’s newsletter.

Frequently Asked Questions

Who bought Technojet Consultants?

Nimesh Sahadeo Singh, a Mumbai-based investor and promoter of BSE-listed Bil Energy Systems, agreed on 18 September 2026 to buy the Wadia promoter group’s 73.15% stake for ₹70.22 lakh.

What is the Technojet open offer price?

₹48 a share, for up to 1,82,000 shares (26% of the enlarged capital), worth up to ₹87.36 lakh. Tendering runs from 9 to 23 November 2026.

Why is the open offer price lower than the price on screen?

The shares are infrequently traded. Only 101 shares changed hands in a year, and the ₹99.54 price is from a single trade in December 2025. SEBI’s rules use a registered valuer’s fair value instead, which came to ₹45.04, below the ₹48 deal price.

Why did the buyer have to make an open offer?

SEBI’s takeover regulations require anyone who takes control of a listed company, or acquires 25% or more of its votes, to offer to buy at least 26% more from public shareholders.

What business does Technojet Consultants do?

It was set up to provide technical know-how and accountancy and secretarial services. The offer document says it currently has no business activity.

How much is the buyer paying in total?

About ₹70.22 lakh for the promoter stake and ₹1.56 crore for new shares, plus up to ₹87.36 lakh if the open offer is fully taken up.