Vivro Financial Services Pvt. Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Draft Letter of Offer to the Public Shareholders of Lippi Systems Ltd ("Target Company").
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Vivro Financial Services, the manager to the open offer, has submitted the Draft Letter of Offer to BSE for an open offer to public shareholders of Lippi Systems Limited. The offer is for up to 33,82,231 equity shares (25.05% of the expanded share capital) at ₹56.84 per share, totaling about ₹19.22 crore assuming full acceptance. The open offer is triggered by a Share Purchase Agreement (SPA) signed on May 18, 2026 under which five members of the Dholu family (acquirers) will buy 35,67,969 shares (~26.44%) from existing promoters for ₹20.28 crore at the same ₹56.84 price, along with a preferential issue of 65,00,000 convertible warrants worth ₹36.94 crore. The offer opens on July 10, 2026 and closes on July 23, 2026, and will also result in a change of control and management of the company.
Existing public shareholders can tender their shares at ₹56.84 per share between July 10 and July 23, 2026. The transaction involves a change of control to the Dholu family (who run a mining business, not the target's gravure cylinder business), which may affect the company's strategic direction going forward.