LCC Infotech Limited has informed the Exchange regarding Outcome of Board Meeting held on March 06, 2026 for the Allotment of 4,20,00,000 Equity Shares on Preferential Basis.
LCCINFOTEC · price
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LCC Infotech has allotted 4.2 crore equity shares at Rs. 4.55 per share (face value Rs. 2, premium Rs. 2.55) to a single allottee, Kunjit Maheshbhai Patel, raising around Rs. 19.11 crore on a preferential basis. The allotment pushes the allottee's holding to 24.91% and triggers Open Offer obligations, meaning he will become the new promoter and take control of the company. The board approved this on March 6, 2026, following shareholder approval at an EGM on February 2, 2026 and in-principle approvals from BSE and NSE on February 26, 2026. As a result, the company's paid-up equity capital rises from Rs. 25.32 crore (12.66 crore shares) to Rs. 33.72 crore (16.86 crore shares), a 33% expansion in the share base.
Existing shareholders face significant dilution of about 33% in their stake, and the company is undergoing a change of control with a new promoter taking over. Shareholders should watch for the subsequent Open Offer announcement, where the new promoter will likely be required to make a tender offer to buy additional shares from public shareholders at a regulated price.