Grow House Wealth Management Pvt Ltd has submitted to the Exchange a copy of Public Announcement under the provisions of Regulations 3(1) and 4 read with Regulations 13(1), 14 and 15(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and subsequent amendments thereto for the attention of the public shareholders of LCC Infotech Ltd ("Target Company")
LCCINFOTEC · price
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Mr. Kunjit Maheshbhai Patel (Acquirer) has announced a mandatory open offer to acquire up to 4,38,34,271 equity shares (26% of the Emerging Voting Share Capital) of LCC Infotech Limited from public shareholders at ₹3.55 per share, aggregating to a maximum of ₹15.56 crores. The offer is triggered by two underlying transactions: a Share Purchase Agreement with existing promoters Shreeram Bagla and Rachna Suman Shaw to buy 5,80,42,357 shares (34.43%) for ₹20.61 crores, and a preferential allotment of 4,20,00,000 shares (24.91%) to the Acquirer for ₹14.91 crores. The Acquirer currently holds no shares and will assume control of the company, becoming its new promoter, while the existing promoters will completely exit. The company will also issue 22,56,05,633 convertible warrants at ₹3.55 each, subject to shareholder approval.
This is a change-of-control event for LCC Infotech, with the existing promoter group fully exiting and a new acquirer taking over. Shareholders can tender their shares in the open offer at ₹3.55 per share, and the stock may see volatility as the market digests the new ownership structure.