M/s. Parshav Vatika LLP, along with Persons Acting in Concert (PAC) M/s. K8 Products LLP and M/s. Tidagela Ventures Private Limited, has acquired a 67.17% stake in Lykis Limited . The acquirer and PACs purchased 1,30,15,167 equity shares through a combination of off-market transactions and a mandatory open offer dated May 25, 2026. This acquisition transfers control of the target company to the acquirer, who will become the promoter upon completion of regulatory compliances under SEBI regulations.

The transactions were executed pursuant to a Share Purchase Agreement dated December 18, 2025, and a mandatory open offer for 26% of the equity shares. The off-market route accounted for 1,30,14,966 equity shares, while the open offer resulted in the acquisition of 201 equity shares. The total equity share capital of Lykis Limited stands at ₹19,37,51,550, divided into 1,93,75,155 equity shares of ₹10 each. The filing was made to comply with Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Transaction Details

The table below outlines the specifics of the acquisition and the resulting shareholding structure.

Post-Transaction Holding

Following the acquisition, the acquirer and PACs collectively hold 67.17% of the total paid-up share capital of Lykis Limited. The existing promoter will relinquish control and management in favor of the acquirer and PACs. The acquirer is required to complete compliances under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, subject to exemptions provided therein. The disclosure was signed by Jitendra Kumar Ranka, Designated Partner of Parshav Vatika LLP, on May 26, 2026.

Lykis Limited has reclassified Mr. Nadir Dhorlia from the promoter category to the public category following the completion of an open offer by M/s. Parshav Vatika LLP on May 20, 2026. The reclassification is effective immediately and complies with Regulation 31A(10)(ii) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This change follows the acquisition of shares by the acquirer, along with M/s. K8 Products LLP (PAC 1) and M/s Tidagela Ventures Private Limited (PAC 2), who have now been classified as the promoters of the company.

Reclassification Details

The intent to reclassify Mr. Nadir Dhorlia was initially disclosed in the Letter of Offer dated March 6, 2026. As per the filing, Mr. Dhorlia currently holds 0% shareholding in the company. The reclassification is subject to specific confirmations provided by the promoter under Regulation 31A(3)(b) of the Listing Regulations.

Regulatory Confirmations

The reclassified promoter confirmed that they do not hold more than 10% of the total voting rights in the company and do not exercise direct or indirect control over its affairs. Additionally, they have no special rights through formal or informal arrangements and will not be represented on the Board of Directors or act as Key Managerial Personnel for three years from the date of reclassification. The promoter also confirmed they are not a willful defaulter per RBI guidelines nor a fugitive economic offender.

Company Compliance Undertakings

Lykis Limited undertook that it is compliant with the Minimum Public Shareholding requirements under Regulation 38 of the Listing Regulations. The company confirmed that its equity shares are not suspended from trading by stock exchanges and that there are no outstanding dues payable to SEBI, stock exchanges, or depositories.

The following table details the reclassification: