Swaraj Shares and Securities Pvt Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Pre-Offer Advertisement and Corrigendum to the Detailed Public Statement under Regulation ....
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Swaraj Shares & Securities, the manager to the open offer, has submitted a Pre-Offer Advertisement and corrigendum for an open offer in Virat Industries Ltd. The offer has been 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 will be allotted 95,99,999 equity shares (66.10% of expanded voting capital) via preferential issue at Rs. 104 per share, totaling about Rs. 99.84 crore. As a mandatory requirement under SEBI takeover rules, the acquirers are now making an open offer to buy up to 36,96,090 shares (25.45% of expanded capital) from public shareholders at Rs. 158 per share. Existing promoters are also being reclassified to the public category, expanding the pool of shares in the offer.
This marks a change of control at Virat Industries, with the new acquirer group committing nearly Rs. 100 crore via preferential issue. Public shareholders get a clear exit opportunity at Rs. 158/share — a meaningful premium over the Rs. 104 preferential price — and may consider tendering shares in the open offer rather than holding through the ownership change.