Complete board overhaul at Lippi Systems, name change to Neelkanth Resources
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Following completion of an open offer, Lippi Systems saw a full change of control. Promoters sold 34.82 lakh shares (49.76%) at Rs 56.84 per share for about Rs 20.28 crore to the Dholu family. Four directors including Managing Director Nandlal Agrawal and Whole Time Director Kunal Agrawal resigned. Jagdish Dholu was appointed as new MD, Vinesh Dholu as Executive Director. The company will rename to Neelkanth Resources Limited and pivot its main business to bentonite and mineral mining. Statutory auditor Ashok Dhariwal and Co also resigned mid-term, replaced by B K Patel and Co.
Total change of control. New promoter family takes over. Business pivots to mining. Expect volatility and re-rating on name and business change.