Srujan Alpha Capital Advisors LLP ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer for the attention of the Public Shareholders of Lykis Ltd ("Target Company").
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Srujan Alpha Capital Advisors LLP, the Manager to the Offer, has filed the Letter of Offer dated March 06, 2026 with BSE for a mandatory open offer to acquire up to 50,37,541 equity shares (26% of voting share capital) of Lykis Ltd from public shareholders. The offer is triggered by a Share Purchase Agreement signed on December 18, 2025, under which Parshav Vatika LLP (Acquirer) along with K8 Products LLP and Tidagela Ventures Private Limited (PACs) are acquiring 1,30,14,966 shares (67.17%) from existing promoter Mr. Nadir Umedali Dhrolia at ₹19.01 per share for an aggregate of ₹24.75 crore. The open offer price is ₹34.50 per share, with total offer size of approximately ₹17.38 crore assuming full acceptance. The offer opens on March 17, 2026 and closes on April 02, 2026.
For Lykis Ltd shareholders, this represents a change of control with the existing promoter exiting and new promoters taking over. The open offer price of ₹34.50 is notably below the last traded market price of ₹55.79 on March 5, 2026, which may limit retail shareholder participation. Post-offer public shareholding could fall to 6.83%, below the mandatory 25% minimum public shareholding threshold, which the acquirers have committed to rectify within prescribed timelines.