Swaraj Shares and Securities Pvt Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Recommendations of the Committee of Independent Directors (''IDC'') in relation to the ....
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Swaraj Shares and Securities, the manager to the open offer, has submitted the Committee of Independent Directors' (IDC) recommendations to BSE regarding an open offer for Virat Industries Ltd. The open offer was triggered by a Share Subscription Agreement dated September 24, 2024, under which Mr. Bhavook Tripathi will be allotted 95,99,999 equity shares (66.10% of expanded voting capital) at Rs. 104 per share, aggregating to about Rs. 99.84 crore. Acquirers Mr. Bhavook Tripathi, BT Capital Managers Pvt Ltd, and Brahm Precision Materials Pvt Ltd are now making a mandatory open offer for up to 36,96,090 shares (25.45% of expanded voting capital) at Rs. 158 per share from public shareholders. The offer size was revised upward to include existing promoter shares that are being reclassified to the public category. IDC recommendations were published in Financial Express, Jansat, Mumbai Lakshadeep, and Financial Express Gujarati on April 16, 2025.
This is effectively a change-of-control transaction — the acquirers are taking over a majority stake (66.10%) via preferential allotment, which has triggered a mandatory open offer giving public shareholders an exit opportunity at Rs. 158 per share. Shareholders should review the IDC recommendations and weigh whether to tender shares in the open offer or hold.