Description

Open offer by Parshav Vatika LLP (Acquirer) along with K8 Products LLP and Tidagela Ventures Private Limited to acquire up to 50,37,541 equity shares (26% of voting share capital) of Lykis Limited at ₹34.50 per share under SEBI (SAST) Regulations.

Summary

Parshav Vatika LLP (Acquirer), along with K8 Products LLP (PAC 1) and Tidagela Ventures Private Limited (PAC 2), has opened an Offer to Buy – Acquisition Window (Takeover) for the public shareholders of Lykis Limited. The open offer seeks to acquire up to 50,37,541 equity shares (26% of fully diluted voting share capital) at an offer price of ₹34.50 per share, pursuant to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Key Points

  • Acquirer: Parshav Vatika LLP, registered at 325, Floor-2, Mezz, Amrut Diamond House, Tata Road No.1, Opera House, Girgaon, Mumbai – 400004
  • Persons Acting in Concert (PACs): K8 Products LLP (PAC 1) and Tidagela Ventures Private Limited (PAC 2), both registered at 1205 C Wing Levels, Rani Sati Marg, Malad East, Mumbai – 400097
  • Target Company: Lykis Limited (CIN: L55101DL1989PLC362504), registered at 4th Floor, Grandeur Building, Veera Desai Road, Andheri West, Mumbai – 400053
  • Offer Size: Up to 50,37,541 equity shares of face value ₹10/- each, representing 26% of total voting share capital on a fully diluted basis
  • Offer Price: ₹34.50 per fully paid-up equity share (cash consideration)
  • Regulatory Basis: SEBI (SAST) Regulations, 2011 – Regulations 3(1) and 4
  • The offer is not conditional upon any minimum level of acceptance (Regulation 19)
  • There is no differential pricing in this offer
  • This is not a competing offer under Regulation 20 of SEBI (SAST) Regulations
  • No competing offer has been received as on the date of the Letter of Offer
  • No statutory approvals are currently required; however, if any become applicable, the offer will be subject to receipt of such approvals

Regulatory Changes

No new regulatory changes are introduced. This offer is made in compliance with existing SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, specifically Regulations 3(1) and 4, which govern open offers triggered by acquisition of shares/voting rights beyond prescribed thresholds.

Compliance Requirements

  • Public Shareholders of Lykis Limited must review the Letter of Offer and decide whether to tender their equity shares during the Tendering Period
  • Shareholders who have recently sold their equity shares must hand over the Letter of Offer and Form of Acceptance cum Acknowledgement to the purchaser or the stock exchange member through whom the sale was effected
  • Shareholders requiring clarification may consult their stockbroker, investment consultant, Manager to the Offer, or Registrar to the Offer
  • The Acquirer and PACs are required to make necessary applications for any statutory approvals that may become applicable prior to completion of the offer
  • In the event of any upward revision in Offer Price or Offer Size, such revision must be made prior to the last 1 working day before commencement of the Tendering Period

Important Dates

  • Tendering Period Commencement: Referenced in the circular; upward revision deadline is Monday, February 09 (year cut off in source document – likely 2026 based on context)
  • Letter of Offer Date: March 13, 2026
  • Exact opening and closing dates of the Acquisition Window are to be confirmed via BSE Acquisition Window notifications

Impact Assessment

  • Shareholders of Lykis Limited face a direct decision point: whether to tender shares at ₹34.50 per share under this open offer
  • The acquisition of 26% stake by the Acquirer and PACs represents a substantial change in ownership, potentially affecting corporate governance and control of Lykis Limited
  • The offer price of ₹34.50 per share serves as a reference benchmark for market participants to assess the premium/discount relative to prevailing market prices
  • Since the offer is unconditional (no minimum acceptance threshold), the Acquirer is committed to completing the acquisition regardless of the number of shares tendered (up to the offer size)
  • If competing offers emerge, all bids will open and close on the same date, ensuring a level playing field for shareholders
  • No immediate market disruption is anticipated beyond normal price discovery effects typical of open offer announcements

Impact Justification

This is a formal open offer under SEBI (SAST) Regulations 3(1) and 4, directly impacting public shareholders of Lykis Limited who must decide whether to tender their shares at ₹34.50 per share. The offer involves acquisition of 26% of total voting share capital, representing a significant change in ownership structure.