Lippi Systems has accepted the resignation of its Chief Financial Officer and Company Secretary & Compliance Officer. Both officials cease to hold their positions with effect from the close of business hours on September 21, 2026.

The departures follow the completion of an open offer and a consequent change in control and management of the company. The resignations are intended to facilitate a smooth transition and handover of responsibilities to the new management.

Key Personnel Changes

The company disclosed the exits under Regulation 30(6) read with Para A(7) of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Both officials confirmed that there were no material reasons for their resignation other than the change in control. They further stated that their resignations were not due to any dispute or disagreement with the board of directors or the management of the company.

Regulatory Disclosures

The disclosures were made pursuant to SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. Jagdish Shivji Dholu, Managing Director, signed the intimation letter addressed to BSE Limited.

The company stated it will take necessary steps for the appointment of suitable persons to the aforementioned positions. Requisite statutory and regulatory formalities, including filings with the Registrar of Companies and stock exchanges, will be completed as applicable.

Lippi Systems promoters Vinesh Shivji Dholu and four associates acquired 85,107 equity shares through off-market transactions on September 15 and 16, 2026. The acquisition was executed pursuant to a share purchase agreement dated May 18, 2026.

The sellers, Kunal Nandlal Agrawal and Neha Sumit Sanghvi, previously classified as promoters, had disposed of these shares to exit their holdings. Following an open offer completed on August 27, 2026, the sellers were reclassified as public shareholders. This regulatory filing under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, details the transfer of ownership from the exiting individuals to the promoter group.

Transaction Details

The disposal involved the entire pre-holding of both sellers. Agrawal sold 1,400 shares, representing 0.02% of the total equity capital. Sanghvi disposed of 83,707 shares, accounting for 1.20% of the equity. Together, the transactions reduced their combined holding from 85,107 shares (1.22%) to nil.

Promoter Holding Update

The acquiring promoter group, comprising Vinesh Shivji Dholu, Jagdish Shivji Dholu, Shivji Karamshi Dholu, Jagruti Vinesh Dholu, and Parul Jagdish Dholu, increased their aggregate holding in voting rights. Prior to this acquisition, the group held 3,483,862 shares, representing 49.77% of the total equity share capital. Post-acquisition, their holding stands at 3,568,969 shares, or 50.99%.

Additionally, the acquirers acquired 1,000 equity shares (0.01%) tendered by public shareholders under the open offer process. Consideration for these shares was paid on August 10, 2026, and they remain in a special escrow account pending transfer.

Capital Structure Context

Lippi Systems Limited has an equity share capital of ₹7 crore, comprising 70 lakh equity shares with a face value of ₹10 each. The total diluted share capital stands at ₹13.5 crore, consisting of 135 lakh equity shares. The off-market nature of the transaction means these shares were transferred directly between parties rather than through open market trading on the BSE Limited.

What the Numbers Show

The acquisition consolidates promoter control, raising the voting stake from 49.77% to 50.99%. While the direct equity holding increased modestly, the promoter group’s diluted voting power remains significant at 74.58%, driven largely by outstanding warrants and convertible securities totaling 6.5 million instruments.