Filling of Draft Letter of Offer
Price
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The Dholu family (five individuals - Vinesh, Jagdish, Shivji, Jagruti and Parul Dholu, who are in the mining business) is acquiring control of Lippi Systems Limited, a company that manufactures Roto Gravure cylinders used in printing. They have signed a Share Purchase Agreement to buy 35,67,969 shares (about 26.4% of equity) from the existing promoters at ₹56.84 per share, aggregating ₹20.28 crore. Separately, they will also subscribe to 65 lakh convertible warrants (48.15% of the expanded share capital) at the same price. These transactions trigger a mandatory open offer to public shareholders under SEBI Takeover Regulations. The open offer price is ₹56.84 per share for up to 33,82,231 shares (the entire public shareholding, about 25.05% of expanded capital), with total consideration of about ₹19.22 crore assuming full acceptance. The tendering window runs from July 10, 2026 to July 23, 2026.
Public shareholders of Lippi Systems can tender their shares at ₹56.84 during the offer window. However, the acquirers have no prior experience in Lippi's printing/engraving business, and the open offer is unconditional and non-competing, so shareholders should weigh the offer price against open market prices and the committee of independent directors' recommendation (due July 7, 2026) before deciding.