Voluntary open offer: eligibility and post-offer acquisition restrictions govern permissible non-public shareholding and competing offers. Voluntary open offers allow an acquirer with a substantial but not maximum non-public shareholding, together with persons acting in concert, to publicly offer to acquire additional shares so long as post-offer aggregate holdings do not exceed the maximum permissible non-public shareholding. Recent acquisitions that avoided open offer obligations can disqualify eligibility, and acquisitions during the offer period are limited to the open offer. After completion, further acquisitions are restricted for six months except by another voluntary open offer, with competing offers permitted; bonus shares and stock splits do not count for dis entitlement. A higher threshold applies for Innovators Growth Platform listings.