Srujan Alpha Capital Advisors LLP ("Manager to the Open Offer") has submitted to BSE a copy of Public Announcement for the attention of the Public Shareholders of Lykis Ltd under Regulation ....
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On the reaction day the stock moved 19.9 pts more than Nifty Microcap 250 and 19.8 pts more than its Trading & Distributors peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Parshav Vatika LLP (Acquirer) along with K8 Products LLP and Tidagela Ventures Private Limited (PACs) have announced a mandatory open offer to acquire up to 50,37,541 equity shares (26% of voting capital) of Lykis Limited at ₹34.50 per share, aggregating to about ₹17.38 crore. The open offer is triggered by a Share Purchase Agreement dated December 18, 2025 under which the Acquirer and PACs will buy 1,30,14,966 shares (67.17% stake) from existing promoter Nadir Umedali Dhrolia at ₹19.01 per share, totaling around ₹24.75 crore. Post-transaction, the Acquirer and PACs will become the new promoters of Lykis Limited, and the current promoter will be declassified. The acquirers have stated no intention to delist the company, and Lykis shares are listed on BSE (scrip code 530689) where they are classified as infrequently traded.
This is a change-of-control transaction where public shareholders get a clear exit window at ₹34.50/share — meaningfully higher than the ₹19.01 negotiated SPA price, offering a potential arbitrage opportunity. Short-term price action could see movement toward the offer price given the company's infrequently traded status, though investors should weigh liquidity, the small free float, and any conditions to closing disclosed in the Detailed Public Statement expected by December 26, 2025.