Filling of Draft Letter of Offer
Price
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Lippi Systems Limited has announced the filing of a Draft Letter of Offer by merchant banker Vivro Financial Services for an open offer to public shareholders. Five members of the Dholu family (Vinesh, Jagdish, Shivji, Jagruti and Parul Dholu) — who are in the mining business — are making a mandatory open offer at ₹56.84 per equity share to acquire up to 33,82,231 shares (full 25.05% public shareholding), for a maximum outflow of about ₹19.22 crore in cash. This open offer is triggered by two underlying deals signed on May 18, 2026: a Share Purchase Agreement to buy 35,67,969 shares from existing promoters (Agrawal family) for about ₹20.28 crore, plus a preferential issue of 65 lakh convertible warrants (48.15% of expanded capital) worth about ₹36.95 crore. The deal results in a change of control of the listed company. The offer window runs from July 10, 2026 to July 23, 2026.
For public shareholders, this is a cash exit opportunity at ₹56.84 per share — they should weigh whether this price adequately reflects the value of their holding before the July 23, 2026 deadline. The acquisition marks a change of control to a promoter group from a different industry (mining vs. the company's Roto Gravure/printing cylinder business), which may be material for the stock's near-term direction and long-term strategic outlook.