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Virat Industries Ltd has announced a board meeting in connection with its open offer and preferential allotment of 95,99,999 equity shares to Mr. Bhavook Chandraprakash Tripathi, resulting in existing promoters’ shareholding falling below 10%. Consequently, the existing promoters and promoter group have applied for reclassification to the public category, confirming they do not control or exercise special rights in the company and have no board representation. The promoters also undertook not to dispose shares until the open offer completion and committed to comply with terms for at least three years post reclassification. The open offer price is fixed at ₹15.60 per fully paid share by the acquirers, with no competing offer. The target company’s shares are listed with a trading turnover qualifying it as a frequently traded stock. The promoters’ commitment to reclassify and the registered fair market valuations support compliance with SEBI regulations. The recommendations from independent directors and committees affirm the procedural and regulatory adherence. All required disclosures, approvals, and filings have been or will be completed in accordance with applicable SEBI regulations, ensuring transparency and protection for existing public shareholders.