Swaraj Shares and Securities Pvt Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Letter of Offer to the Public Shareholders of Virat Industries Ltd ("Target Company").
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Swaraj Shares and Securities Pvt Ltd, the Manager to the Open Offer, has submitted the Letter of Offer to BSE for an open offer to the public shareholders of Virat Industries Ltd. The offer is triggered by a Share Subscription Agreement dated September 24, 2024, under which Mr. Bhavook Tripathi, BT Capital Managers Pvt Ltd, and Brahm Precision Materials Pvt Ltd (collectively the Acquirers) will subscribe to preferential equity shares at ₹104 per share, aggregating to about ₹99.84 crore. This preferential issue will result in a change of control and management of Virat Industries. The mandatory open offer is for up to 36,96,090 shares (25.45% of the expanded voting share capital) at ₹158 per share. The offer size was revised upward from an earlier 16.23% because existing promoters have applied to be reclassified as public shareholders. The tendering period will run from April 21 to May 5, 2025.
Public shareholders of Virat Industries now have a window to tender their shares at ₹158 per share. The offer represents a meaningful premium over the preferential allotment price of ₹104, and the change of control signals a potential shift in the company's direction, which existing investors should monitor closely.