Considered and approved to issue 65,00,000 (Sixty-Five Lakhs) Warrants convertible into equity shares on preferential basis ('Preferential Issue') at the price of Rs. 56.84/- per warrant ....
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Lippi Systems Ltd's board approved issuing 65 lakh warrants (convertible to equity) at Rs. 56.84 per warrant, raising approximately Rs. 36.95 crore. Five individuals (Vinesh, Jagdish, Shivji, Jagruti, and Parul Dholu) are the allottees, currently non-promoters but becoming promoters post-open offer. This follows a Share Purchase Agreement where existing promoters sold 50.97% stake to these acquirers, triggering a mandatory open offer under SEBI regulations. The warrants have 18-month tenure with 25% upfront payment and 75% on conversion. Shareholders will vote on this at an EGM on June 14, 2026. The company also increased authorized share capital from Rs. 10 crore to Rs. 15 crore.
This is a change-of-control transaction with warrants. Existing shareholders face dilution as the allottees will hold roughly 74.6% post-conversion. The warrants are being issued at a SEBI-formulated price under ICDR regulations.