Kunjit Maheshbhai Patel has announced a mandatory open offer to acquire a significant stake in LCC Infotech Limited, marking a major ownership transition in the IT training and software development company.

Open Offer Details

The open offer seeks to acquire up to 4,38,34,271 fully paid-up equity shares of face value ₹2.00 each, representing 26% of the emerging voting share capital. The key parameters of the offer include:

Share Purchase Agreement

The open offer follows a share purchase agreement executed on January 03, 2026, between Patel and the existing promoters. Under this agreement:

Acquirer Profile

Kunjit Maheshbhai Patel, aged 41 years, is an Indian resident with a net worth of ₹4,749.74 lakhs as of January 01, 2026. He currently serves as Managing Director cum Promoter of RFBL Flexi Pack Limited and holds director positions in Meridian Finance Private Limited and N Events Club Limited.

Target Company Overview

LCC Infotech Limited, incorporated in 1985, operates in IT training through learning centers, software development, and corporate skill development programs. The company's key financial highlights include:

Preferential Issues

The company's board has also approved preferential issues:

• Equity Shares: 4,20,00,000 shares at ₹3.55 per share to the acquirer
• Convertible Warrants: 22,56,05,633 warrants at ₹3.55 per warrant, convertible after ten working days from offer closure

Post-Acquisition Structure

Upon completion of all transactions, assuming full acceptance:

Regulatory Compliance

The offer complies with SEBI (SAST) Regulations, 2011, with Grow House Wealth Management Private Limited appointed as the manager. The company has deposited ₹3,90,00,000 (25% of offer consideration) in an escrow account with ICICI Bank Limited.

Market Information

LCC Infotech shares are listed on BSE (Scrip Code: 532019) and NSE (Symbol: LCCINFOTEC) under GSM stage 2. The shares were previously suspended but trading resumed from March 31, 2021. The company paid a SEBI penalty in November 2024 for regulatory violations.

Timeline

Key dates for the open offer process include publication of the detailed public statement on January 09, 2026, with the tendering period expected to commence on February 26, 2026, and close on March 11, 2026. The offer represents a significant corporate restructuring that will result in change of control and promoter reclassification.

The board of directors of LCC Infotech Limited has approved a comprehensive corporate restructuring plan, including a significant ownership transition through Mr. Kunjit Maheshbhai Patel's mandatory open offer. The board meeting held on January 03, 2026, formalized multiple strategic decisions that will reshape the company's capital structure and business operations.

Board Meeting Outcomes and Key Approvals

The board has approved several major corporate actions that will transform the company's structure:

Open Offer Structure and Financial Details

The mandatory open offer, managed by Grow House Wealth Management Private Limited, seeks to acquire up to 4,38,34,271 equity shares representing 26.00% of the company's emerging voting share capital. The offer is structured as a cash transaction with comprehensive terms:

Underlying Transactions and Ownership Transfer

The mandatory open offer has been triggered by two significant underlying transactions executed on January 03, 2026, which will result in Patel acquiring more than 25.00% of the emerging voting share capital:

Business Diversification and New Ventures

The board has approved significant amendments to the company's Memorandum of Association, expanding business activities into four new sectors:

The company also approved shifting its registered office from West Bengal to Gujarat, aligning with the new management's operational base.

Promoter Transition and Control Change

The transaction represents a complete ownership transition, with existing promoters exiting entirely:

Upon completion of the underlying transactions and open offer, Patel will assume control of LCC Infotech and be classified as its promoter.

Regulatory Timeline and Shareholder Meeting

The company has scheduled an Extraordinary General Meeting for February 02, 2026, at 11:30 AM through video conferencing to approve the proposed changes. Key timeline elements include:

The acquirer, a 41-year-old Indian national residing in Ahmedabad, Gujarat, has confirmed adequate financial resources for the acquisition. The transaction represents a strategic acquisition aimed at gaining control while maintaining the company's public listing status and expanding into new business verticals.