The Intimation has been attached herewith.
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Virat Industries Ltd has informed BSE that its existing promoters and promoter group members are seeking reclassification from 'Promoter/Promoter Group Category' to 'Public Category' under SEBI LODR Regulation 31A(10). This follows a Share Subscription Agreement (dated 24 September 2024) under which 95,99,999 equity shares were allotted on a preferential basis to Mr. Bhavook Chandraprakash Tripathi, which diluted the existing promoter group's holding to below 10% of total paid-up share capital. The preferential allotment triggered a mandatory open offer under SEBI (SAST) Regulations, with Mr. Bhavook Tripathi as the Acquirer and BT Capital Managers Pvt Ltd and Brahm Precisions Material Pvt Ltd as Persons Acting in Concert (PACs). Individual promoters including Armand Naozer Aga, Ayesha K. Dadyburjor, and Rusi H. Dadyburjor, along with Shapoorjee Chandabhoy Finvest Pvt Ltd, have each filed reclassification applications confirming compliance with all SEBI conditions. The reclassification is being processed following completion of the open offer, effectively marking a change of control at the company.
This signals a change in control of Virat Industries Ltd — the original promoter group is stepping down to public shareholders while a new acquirer (Mr. Bhavook Tripathi) takes over, which could affect governance, strategic direction, and stock price dynamics going forward.