LCC Infotech Limited's open offer has been updated with significant revisions to pricing and schedule. Mr. Kunjit Maheshbhai Patel's acquisition of 4,38,34,271 equity shares representing 26.00% of the emerging voting share capital now proceeds at a revised offer price of ₹4.55 per share, up from the original ₹3.55.

Offer Price Revision and IDC Recommendation

The offer price has been revised from ₹3.55 to ₹4.55 per share to maintain consistency with the preferential issue pricing. The Independent Directors Committee (IDC) comprising Ramesh Kumar Pandey (Chairperson), Priti Lakhotia (Member), and Chanchal Kedia (Member) has endorsed this revised pricing.

The IDC approved their recommendation on March 28, 2026, and published it on March 30, 2026, stating that the offer price is fair and reasonable in line with SEBI (SAST) Regulations.

Preferential Issue and Corporate Actions

The Board of Directors authorized a preferential allotment of 4,20,00,000 equity shares at ₹4.55 per share, representing 24.91% of emerging voting share capital for aggregate consideration of ₹19,11,00,000. NSE and BSE granted in-principle approval on February 26, 2026.

Additionally, the company proposed 22,56,05,633 convertible warrants at ₹4.55 per warrant, with 20,60,79,171 warrants allotted to non-promoter public shareholders.

Revised Schedule and Key Dates

The offer timeline has been significantly revised following SEBI observations received on March 13, 2026. The Letter of Offer was dispatched on March 25, 2026, to shareholders as on the Identified Date of March 17, 2026.

Pricing Justification and Market Data

The offer price of ₹4.55 per share has been determined as per SEBI (SAST) Regulations 8(1) and 8(2), being the highest among various pricing parameters. The volume-weighted average market price for 60 trading days preceding the Public Announcement was ₹4.54.

Shareholding Pattern Impact

Post-acquisition, Mr. Kunjit Maheshbhai Patel will hold 14,38,76,628 shares representing 85.34% of the emerging voting share capital, while public shareholders will retain 2,47,16,722 shares (14.66%). The existing promoters Shreeram Bagla and Rachna Suman Shaw are parties to the share purchase agreement.

The company has 42,213 public shareholders as of March 13, 2026. This open offer provides an exit opportunity for public shareholders at a fair price determined through regulatory compliance and independent director assessment.

LCC Infotech Limited has announced the successful completion of its convertible warrants allotment on preferential basis. The Board of Directors approved the allotment of 20,60,79,171 convertible warrants to 40 non-promoter investors during their meeting held on 11th March 2026. The meeting commenced at 05:15 PM and concluded at 06:00 PM.

Warrant Allotment Details

The convertible warrants were issued at a price of Rs. 4.55 per warrant, comprising a face value of Rs. 2.00 and a premium of Rs. 2.55. The company received an aggregate amount of Rs. 23,44,15,058 as warrant subscription price, calculated at Rs. 1.1375 per warrant, representing 25% of the total issue price.

Conversion Terms and Timeline

Each convertible warrant is exchangeable for one fully paid-up equity share of the company. The warrant holders can exercise their conversion option by paying the remaining 75% of the issue price, amounting to Rs. 3.4125 per warrant. The conversion period extends for 18 months from the allotment date, and warrants can be exercised in one or more tranches during this timeframe.

Major Allottees

The warrants were distributed among various individual and institutional investors. The largest allocations went to Kushang Surendrakumar Thakkar, Thakor Nayana Chandubhai, and Aanshi Tradelink, each receiving 1,95,00,000 warrants. Other significant allottees include Dhruvi Dalsukhbhai Virani with 1,20,47,417 warrants and Vadith Tapadia with 1,15,00,000 warrants.

Regulatory Approvals

The warrant allotment received comprehensive regulatory clearances before execution. The Board of Directors initially approved the proposal on 3rd January 2026, followed by shareholder approval in the Extra Ordinary General Meeting held on 2nd February 2026. Both stock exchanges granted in-principle approvals on 26th February 2026 - BSE Limited through letter number LOD/PREF/KS/FIP/1777/2025-26 and National Stock Exchange through letter number NSE/LIST/52955.

Impact on Share Capital

Currently, the allotment of convertible warrants does not alter the company's paid-up share capital. The change in share capital will occur only upon conversion of the warrants into equity shares when warrant holders exercise their conversion rights and pay the remaining consideration of Rs. 3.4125 per warrant.