Acquirers Aim to Gain Control of Parmax Pharma Ltd through Share Purchase and Preferential Allotment
Parmax Pharma Ltd is reportedly undergoing a significant ownership transition as a group of individuals and entities seeks to acquire majority voting rights and control of the company. The Proposed Transaction involves a combination of preferential allotment, secondary acquisition from existing Sellers via a Share Purchase Agreement (SPA), and an Open Offer for equity shares in the market.The Acquirers, who include Dhiren Chandulal Shah and Sunil Chinubhai Shah among others, are pursuing control through this structured acquisition process. The SPA records the terms under which the identified Sellers have agreed to sell their shares, and the Purchasers have agreed to acquire the Sale Shares along with controlling interest in Parmax Pharma Ltd.
The sellers involved in the transaction include Alkesh Mahasukhlal Gopani, Vipul Mahasukhlal Gopani, and Pravina Mahasukh Gopani, who are noted as promoters of the Company. The Purchasers in this agreement are not affiliated with the sellers.
Financial Details of the Acquisition Transaction
The sale of Sale Shares under the SPA is structured at a price point of ₹35 per equity share. Following the execution of the SPA, the Purchasers have announced an open offer as part of the broader acquisition strategy.Details pertaining to the issuance of shares and convertible warrants during the Preferential Issue are as follows:
| Particulars | Details |
|---|---|
| Equity Shares Issued | 31,37,586 at an issue price of ₹36.50 per share (premium of ₹26.50). |
| Total Aggregate Value (Equity) | ₹11,45,21,889 |
| Convertible Warrants Issued | 21,45,145 at an issue price of ₹36.50 per warrant (premium of ₹26.50). |
| Total Aggregate Value (Warrants) | ₹7,82,97,793 |
These warrants may be exercised over a period of eighteen months from the date of allotment.
Impact and Future Governance
The Proposed Transaction is expected to result in the Purchasers acquiring control over Parmax Pharma Ltd. Upon completion of the acquisition, the board of the Company shall be reconstituted to reflect the new ownership structure.The transaction details are recorded under the Share Purchase Agreement (SPA), which outlines the terms for the transfer of shares and subsequent control of the listed entity.
Stock Price Movement
Parmax Pharma Ltd. settled at ₹51.25 on Tuesday after advancing a solid 5.00%. Shares traded within an intraday range, dipping as low as ₹50.76 but climbing highest at ₹51.25.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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