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 issuance of 65 lakh warrants convertible into equity shares at Rs. 56.84 per warrant, raising approximately Rs. 36.94 crore. The warrants have 18-month tenure with 25% payable upfront and 75% on conversion. Simultaneously, the existing promoters (Agrawal family) agreed to sell their entire 50.97% stake to five individuals from the Dholu family via a Share Purchase Agreement, triggering an open offer obligation under SEBI Takeover Regulations. Upon completion of the open offer and full warrant conversion, the new acquirers will collectively hold majority stake and become the new promoters of the company. Shareholders' approval at an EGM on June 14, 2026 is required.
This filing signals a complete change of management and control of Lippi Systems. Existing shareholders face an open offer at a price determined by the valuation report. The significant warrant issuance to incoming promoters could lead to substantial share dilution, potentially affecting stock price and existing shareholders' ownership percentage.