Lippi Systems Ltd (526604)

Lippi Systems Limited has received MCA approval and a fresh Certificate of Incorporation dated October 13, 2026, officially changing its name to Nilkanth Resources Limited. The name change aligns with the company's proposed new business activities in mining, processing, manufacturing, and trading of Bentonite and industrial minerals. The company reported zero revenue over recent quarters and holds a market cap of Rs 153 Cr, making this a pivotal pivot from its legacy operations. Stock exchange ticker and record updates are currently in progress.

• MCA approval and fresh Certificate of Incorporation received on October 13, 2026
• Company name officially changed from Lippi Systems Limited to Nilkanth Resources Limited
• Change aligns with planned entry into mining, processing, and trading of Bentonite and industrial minerals
• Stock exchange records and ticker display updates are currently in process

Lippi Systems announced the resignation of both its Chief Financial Officer, Gopalkrishna D. Sharma, and Company Secretary & Compliance Officer, Darshan Bipinchandra Shah, effective September 21, 2026. The departures follow the completion of an Open Offer and a consequent change in ownership and management control. The company stated it will initiate steps to appoint replacements for both Key Managerial Personnel positions. The stock trades at a market cap of Rs 153 Cr despite generating Rs 0 Cr in TTM revenue.

• CFO Gopalkrishna D. Sharma resigned effective close of business hours on September 21, 2026
• CS & Compliance Officer Darshan Bipinchandra Shah resigned effective September 21, 2026
• Resignations follow completion of Open Offer and resulting change in control and management
• Company trades at a market cap of Rs 153 Cr with TTM revenue of Rs 0 Cr

Lippi Systems has approved a complete overhaul of management and business objectives following the completion of an open offer and Share Purchase Agreement (SPA). Outgoing promoters agreed to sell 35,67,969 shares at ₹56.84 each for a total consideration of ₹20.28 crore. The board approved rebranding the company to 'Nilkanth Resources Limited' and amending its main object clause to enter integrated bentonite and mineral mining and processing. Jagdish Dholu was appointed Managing Director, while outgoing MD Nandlal Agrawal and statutory auditors resigned on August 27, 2026.

• Share purchase agreement completed for 35,67,969 shares at ₹56.84 per share (totaling ₹20.28 crore)
• Proposed company name change to 'Nilkanth Resources Limited' with a pivot to bentonite & mineral mining
• Appointment of Jagdish Dholu as Managing Director and Vinesh Dholu as Executive Director for 5-year terms
• Resignation of outgoing MD Nandlal Agrawal, WTD Kunal Agrawal, and Statutory Auditors Ashok Dhariwal & Co

Lippi Systems has approved a complete overhaul following the completion of an open offer, transferring 35,67,969 shares under a Share Purchase Agreement for Rs 20.28 crore (at Rs 56.84 per share). The company is renaming itself to 'Nilkanth Resources Limited' and changing its main business object to integrated bentonite and mineral mining and processing. Jagdish Dholu has been appointed as Managing Director and Vinesh Dholu as Executive Director for 5-year terms, while previous promoters and directors have resigned along with the statutory auditor.

• Transfer of 35,67,969 equity shares at Rs 56.84 each for a total consideration of Rs 20,28,03,357.96 to new acquirers
• Company name change approved to 'Nilkanth Resources Limited' subject to ROC approvals
• Main object clause amended to enter Integrated Bentonite and other minerals mining and processing
• Jagdish Dholu appointed as MD and Vinesh Dholu as ED for 5 years (August 27, 2026 to August 26, 2031)
• Resignation of outgoing promoters/directors and Statutory Auditor Ashok Dhariwal & Co.

Lippi Systems has completed a management transition following an open offer, with erstwhile promoters transferring 35,67,969 shares (under SPA) at Rs 56.84 per share for Rs 20.28 crore. The board approved renaming the company to 'Nilkanth Resources Limited' and altering its main objects to enter integrated bentonite and mineral mining and processing. Jagdish Dholu has been appointed as Managing Director and Vinesh Dholu as Executive Director for 5-year terms, while erstwhile MD Nandlal Agrawal and other directors resigned along with the statutory auditors.

• Promoters transferred 35,67,969 equity shares at Rs 56.84 each, totaling Rs 20.28 crore pursuant to SPA post open offer
• Proposed change of name to 'Nilkanth Resources Limited' subject to ROC and regulatory approvals
• Altered MOA main object clause to enter integrated bentonite and mineral mining & processing
• Appointed Jagdish Dholu as Managing Director and Vinesh Dholu as Executive Director for 5 years effective August 27, 2026
• Accepted resignations of outgoing Managing Director Nandlal Agrawal, WTD Kunal Agrawal, and statutory auditors Ashok Dhariwal & Co.

Lippi Systems announced a complete change of management control following the completion of an Open Offer. Outgoing promoters sold 35,67,969 shares (amounting to ₹20.28 Cr at ₹56.84/share) to the incoming acquirers. Alongside full reconstitution of the Board and the resignation of Statutory Auditors Ashok Dhariwal & Co., the company plans to change its name to 'Nilkanth Resources Limited' and shift business operations into integrated bentonite and mineral mining/processing.

• Promoters transferred 35,67,969 shares at ₹56.84 per share for a total consideration of ₹20,28,03,357.96
• Company name proposed to be changed to 'Nilkanth Resources Limited' alongside object clause change to Bentonite and mineral mining
• Jagdish Dholu appointed as Managing Director and Vinesh Dholu as Executive Director for 5-year terms ending August 26, 2031
• Former MD Nandlal Agrawal, WTD Kunal Agrawal, and statutory auditors Ashok Dhariwal & Co. resigned on August 27, 2026

Lippi Systems approved its unaudited standalone financial results for Q1 FY27 (quarter ended June 30, 2026). The auditor's report highlighted an ongoing change of control where existing promoters agreed on May 18, 2026, to transfer 35,67,969 shares (50.97% stake) to new acquirers. Additionally, a preferential warrant issue and a mandatory open offer for up to 33,82,231 shares (25.05% of expanded equity) have been launched at Rs 56.84 per share. SEBI observations have been received, and the Letter of Offer has been dispatched.

• Promoters entered into an SPA to sell 35,67,969 equity shares, representing 50.97% of existing equity capital.
• Mandatory open offer triggered for up to 33,82,231 equity shares (25.05% of expanded capital) at Rs 56.84 per share.
• Board approved a preferential issue of convertible warrants at Rs 56.84 per warrant.
• SEBI observations received and tendering process commenced subsequent to June 30, 2026.

A group of five acquirers (Dholu family) is conducting a mandatory open offer to acquire 33,82,231 equity shares, representing 25.05% of the expanded share capital. The offer price is set at ₹56.84 per share, which is significantly lower than the current market price of ₹220.5. Post-acquisition and offer, the new acquirers are expected to hold 99.63% of the company, effectively replacing the existing Agrawal promoter group. The tendering period is scheduled from July 20, 2026, to July 31, 2026.

• Offer price fixed at ₹56.84 per equity share, to be paid in cash.
• Tendering period scheduled for 10 working days from July 20 to July 31, 2026.
• Acquirers to hold 1,34,50,200 shares (99.63%) post-offer, assuming full acceptance.
• Offer size of 33,82,231 shares represents 100% of the current public shareholding.
• Expanded share capital of the company to stand at 1,35,00,000 equity shares.