The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Viruprakash Organics Ltd
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Virupaksha Organics Ltd, part of the promoter/promoter group of Oxygenta Pharmaceutical Ltd, has acquired 27,79,340 equity shares representing 7.51% of the total share/voting capital of the company. Prior to this acquisition, the entity held a negligible stake of just 218 shares (0%). Post-acquisition, its holding stands at 27,79,558 shares (7.51%). The disclosure has been filed under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 with BSE. Since this is a promoter group entity crossing the 5% acquisition threshold, it is likely to trigger an open offer requirement under SEBI takeover norms.
This is a significant promoter-group acquisition that increases the promoter entities' combined control in Oxygenta Pharmaceutical. Shareholders should watch for a mandatory open offer announcement and assess the funding source for this acquisition, as it could impact float and share price dynamics.