The Company is in receipt of a copy of a public announcement dated May 18, 2026 ('Public Announcement') issued by Vivro Financial Services Private Limited (Merchant Banker) in respect of ....
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Lippi Systems' existing promoters (Nandlal J. Agrawal, Kunal Nandlal Agrawal, Shashikalaben Nandlal Agrawal, and Neha Sumit Sanghvi) have entered into a Share Purchase Agreement to sell their combined 35,67,969 shares (26.43% of expanded share capital) to five new acquirers led by Vinesh Shivji Dholu and Jagdish Shivji Dholu for ₹20.28 crore. Additionally, the acquirers will receive 65,00,000 warrants via a preferential issue (₹36.95 crore). This triggers a mandatory open offer under SEBI (SAST) Regulations for up to 33,82,231 shares (25.05% of expanded capital) at ₹56.84 per share, totalling up to ₹19.22 crore in cash. Post-transaction, the Acquirers will hold 74.58% (or up to 99.63% if the entire public float is tendered), and the current promoter group will be reclassified from 'promoter' to 'public'.
This is a complete change of control. Existing promoters are exiting, and a new family group (Dholu family) is taking over Lippi Systems. Shareholders who tender will receive ₹56.84 per share in cash. The stock may see price movement towards the offer price ahead of the DPS and tendering period.