Vivro Financial Services Pvt. Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Detailed Public Statement for the attention of the Equity Shareholders of Lippi Systems Ltd ....
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Five individuals from the Dholu family (Vinesh, Jagdish, Shivji, Jagruti, and Parul) are making a mandatory open offer to public shareholders of Lippi Systems Ltd at ₹56.84 per share, aggregating to approximately ₹19.22 crore. The offer was triggered by a Share Purchase Agreement (SPA) signed on May 18, 2026, under which the Acquirers agreed to purchase 35,67,969 shares (50.97% of existing equity) from the existing promoters (Nandlal J. Agrawal and others) at the same price, totaling approximately ₹20.28 crore. Additionally, the Acquirers are subscribing to 65 lakh warrants via a Securities Subscription Agreement (SSA) at ₹56.84 each, exercisable within 18 months. Post full acceptance, the Acquirers will hold 99.63% of the expanded share capital. The Acquirers have backgrounds in the coal mining sector.
This is a change-of-control transaction where the existing promoter group exits and a new coal-mining-focused family group takes over. Public shareholders are being given an exit at ₹56.84 per share. However, post-offer public shareholding will fall well below the 25% minimum public shareholding requirement, necessitating future compliance steps.