Filling of Draft Letter of Offer
Price
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Lippi Systems Limited has filed the Draft Letter of Offer with SEBI for a mandatory open offer made by five members of the Dholu family (Vinesh, Jagdish, Shivji, Jagruti, and Parul Dholu) to acquire up to 33,82,231 equity shares (25.05% of the expanded share capital) from public shareholders at ₹56.84 per share, totaling around ₹19.22 crore assuming full acceptance. The open offer is triggered by two underlying transactions: a Share Purchase Agreement to buy 35,67,969 shares from existing promoters for about ₹20.28 crore, and a Share Subscription Agreement for 65,00,000 convertible warrants at ₹56.84 each worth ₹36.94 crore. The acquirers are in the mining business while Lippi operates in Roto Gravure cylinders for printing, meaning they have no prior experience in the target company's business. The tendering period is scheduled from July 10, 2026 to July 23, 2026, with Vivro Financial Services acting as the merchant banker.
Public shareholders of Lippi Systems will get a cash exit opportunity at ₹56.84 per share during the tendering window. The deal involves a change of control and reclassification of existing promoters to 'public,' signaling significant ownership change and potential shifts in the company's direction given acquirers' lack of experience in the printing cylinders business.