Swaraj Shares and Securities Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Public Shareholders of VR Woodart Ltd ("Target Company").
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Swaraj Shares and Securities Pvt Ltd, acting as Manager to the Offer, has submitted the Letter of Open Offer to BSE for V.R. Woodart Limited. Mrs. Minal Patil and Ms. Maddukuri Mounica (the Acquirers) are making a mandatory open offer to buy up to 1,06,50,070 shares, representing 26% of the expanded voting share capital, from public shareholders at ₹22.00 per share in cash, totalling up to ₹23.43 crore. The offer is triggered by a Share Purchase Agreement (9 lakh shares at ₹18/share) and a Share Subscription Agreement for a preferential issue of 1.24 crore equity shares and 40.8 lakh convertible warrants, leading to a change in control and management. The offer window runs from August 18, 2025 to September 1, 2025.
Existing public shareholders of V.R. Woodart get a chance to exit at ₹22/share, which is the open offer price floor; the underlying SPA was struck at a lower ₹18/share, so the open offer offers a premium exit opportunity. The change in control and preferential allotment will significantly reshape the company's ownership, and shareholders should weigh tendering versus holding given the acquirers' future plans.