The Company is in receipt of a copy of a Detailed Public Statement dated May 25, 2026 ('Detailed Public Statement') issued by Vivro Financial Services Private Limited (Merchant Banker) ....
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Lippi Systems Ltd has received a Detailed Public Statement from Vivro Financial Services regarding a mandatory open offer. Five acquirers from the Dholu family (Vinesh Shivji Dholu, Jagdish Shivji Dholu, Shivji Karamshi Dholu, Jagruti Vinesh Dholu, and Parul Jagdish Dholu) are making this offer. The offer was triggered by a Share Purchase Agreement dated May 18, 2026, where the acquirers agreed to purchase 35,67,969 shares (50.97% of existing equity) from existing promoters at Rs 56.84 per share. Additionally, a Securities Subscription Agreement involves subscription to 65 lakh warrants convertible into equity shares. The open offer is for up to 33,82,231 shares representing the entire public shareholding at the same price of Rs 56.84 per share, totaling approximately Rs 19.22 crore. Upon completion, acquirers will hold 99.63% of the expanded share capital. The company will need to maintain minimum 25% public shareholding as per regulations.
Existing public shareholders have an opportunity to tender their shares at Rs 56.84 per share. The company will see a change in control from the Agrawal family to the Dholu family, who have extensive experience in the coal mining sector. The acquirers intend to retain the listing status.