Lykis Limited has submitted the pre-offer advertisement cum corrigendum to the Detailed Public Statement to BSE Limited on March 16, 2026, pursuant to Regulation 30 of SEBI (LODR) Regulations. The submission relates to the mandatory open offer by Parshav Vatika LLP, along with persons acting in concert K8 Products LLP and Tidagela Ventures Private Limited, to acquire up to 50,37,541 fully paid-up equity shares representing 26% of the company's total voting share capital at ₹34.50 per share.

Open Offer Structure and Regulatory Framework

The mandatory open offer under SEBI (SAST) Regulations involves cash payment for the acquisition of equity shares. Srujan Alpha Capital Advisors LLP serves as the Manager to the Offer, facilitating the process through BSE Limited's acquisition window mechanism. The offer is being made under Regulation 3(1) and 4 of SEBI (SAST) Regulations, with SEBI's final observation letter dated February 26, 2026 incorporated into the Letter of Offer.

Committee Recommendation and Publication Details

The Committee of Independent Directors, comprising five independent directors, unanimously recommended the offer as fair and reasonable on March 11, 2026. The IDC determination was published on March 13, 2026, confirming compliance with SEBI pricing methodology where the offer price of ₹34.50 aligns with regulatory parameters. The pre-offer advertisement was published in Financial Express (English), Jansatta (Hindi), and Pratahkal (Marathi) newspapers on March 16, 2026.

Revised Schedule and Tendering Process

The Letter of Offer dated March 6, 2026, was dispatched electronically on March 7, 2026, and physically on March 10, 2026, to all eligible shareholders as of the Identified Date of March 2, 2026. The tendering period has been scheduled from March 17 to April 2, 2026, with payment completion by April 20, 2026. Public shareholders holding equity shares in both physical and dematerialized form can participate through their respective brokers during the tendering period.

Documentation and Compliance

The Draft Letter of Offer was submitted to SEBI on January 2, 2026, with final observations received on February 26, 2026. All relevant documents including the Public Announcement dated December 18, 2025, Detailed Public Statement dated December 25, 2025, and Letter of Offer dated March 6, 2026, are available on SEBI, BSE, and Manager websites. No statutory approvals are required for completion of the open offer, and no competing offers have been received as of the advertisement date.

Lykis Limited has disclosed the receipt of the Letter of Offer from Parshav Vatika LLP and associates for their mandatory open offer to acquire up to 50,37,541 equity shares, representing 26% of the company's total voting share capital. The disclosure, filed with BSE Limited on March 07, 2026, confirms the finalized schedule for the acquisition process.

Committee of Independent Directors Meeting

The Committee of Independent Directors of Lykis Limited convened on March 11, 2026, to discuss, analyze and review the open offer by Parshav Vatika LLP and its associates. The meeting commenced at 05:30 PM and concluded at 05:35 PM, focusing on the mandatory open offer under Regulation 26(7) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The committee reviewed the open offer documentation including the Public Announcement dated December 18, 2025, Detailed Public Statement dated December 25, 2025 published on December 26, 2025, and Letter of Offer dated March 06, 2026.

Official Letter of Offer Details

The company received a copy of the Letter of Offer dated March 06, 2026, from the acquirer group comprising Parshav Vatika LLP (Acquirer), K8 Products LLP (PAC 1), and Tidagela Ventures Private Limited (PAC 2). The offer is being made under Regulations 3(1) and 4 of the SEBI (SAST) Regulations, 2011.

Confirmed Timeline Schedule

The Letter of Offer provides the definitive schedule for all major activities related to the open offer. The identified date has been confirmed as March 02, 2026, with the tendering period running from March 17 to April 02, 2026.

Transaction Background

The open offer stems from a share purchase agreement executed on December 18, 2025, between the acquirer group and Mr. Nadir Umedali Dhrolia, the current promoter. Under this agreement, the acquirers will purchase 1,30,14,966 equity shares (67.17% of share capital) at ₹19.01 per share for a total consideration of ₹24,75,00,000.

Market Price Comparison

As of March 05, 2026, the closing market price of Lykis Limited shares on BSE was ₹55.79 per equity share, significantly higher than the offer price of ₹34.50. The offer price represents the volume-weighted average market price for 60 trading days preceding the public announcement, rounded up from ₹34.48.

Post-Transaction Shareholding

Upon completion of both the share purchase agreement and the open offer (assuming full acceptance), the shareholding structure will be transformed:

The resulting public shareholding of 6.83% will fall below minimum requirements, and the acquirers have undertaken to restore compliance within prescribed timelines. The Committee of Independent Directors has provided their recommendations on the open offer to shareholders as required under SEBI Takeover Regulations, with the disclosure filed with BSE Limited for regulatory compliance.