Intimation regarding SPA dated December 18, 2025.
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Lykis Ltd's promoter, Mr. Nadir Dhrolia, has signed a Share Purchase Agreement (SPA) on December 18, 2025 to sell his 1,30,14,966 equity shares (67.17% stake) to Parshav Vatika LLP (Acquirer) along with PACs K8 Products LLP and Tidagela Ventures Private Limited, at ₹19.01 per share (total ~₹24.7 crore). Since this triggers the 25% acquisition threshold under SEBI Takeover Regulations, a mandatory Open Offer has been triggered for an additional 50,37,541 shares (26% of equity) from public shareholders at ₹34.50 per share. After completion, the Acquirer and PACs will become the new promoters of the company, while the existing promoter will move to the public category. The Acquirer will also get the right to appoint directors on the board after the open offer closes.
This is a change-of-control transaction. Existing promoter is exiting, and a new promoter group is taking over with 67.17% stake plus an open offer for 26% more. Shareholders should note the open offer price of ₹34.50/share as a near-term benchmark. Once completed, the company's management and board composition will change, which could affect future strategy and governance.