Anupam Rasayan India Limited Launches Open Offer for Bliss GVS Pharma, Aiming to Acquire 26% Stake at ₹299 per Share

Anupam Rasayan India Limited Launches Open Offer for Bliss GVS Pharma, Aiming to Acquire 26% Stake at ₹299 per Share​

Anupam Rasayan India Limited has initiated a mandatory open offer for the public shareholders of Bliss GVS Pharma Limited. The acquisition is part of a larger transaction, wherein Anupam Rasayan intends to acquire in excess of 25% of the equity share capital and control over the Target Company following the execution of a Share Purchase Agreement (SPA).

The Acquirer has designated a maximum Offer Size of up to 2,77,26,848 Equity Shares. The open offer is being made at an Offer Price of ₹ 299.00 per Offer Share. Assuming full acceptance under the Open Offer, the total consideration for these shares amounts to ₹ 829,03,27,552.00 (Indian Rupees).

Key Details of the Open Offer​

The mandatory open offer was initiated due to the underlying transaction contemplated in the SPA between Anupam Rasayan India Limited and the sellers of Bliss GVS Pharma Limited. The Acquirer agreed to acquire 4,58,03,024 Equity Shares from the Sellers, representing 43.30% of the equity share capital of the Target Company as on the date of the agreement.

A summary of the Offer and underlying transaction parameters is provided below:


The open offer is not conditional and is not a competing offer in terms of SEBI regulations.

Timeline for the Tendering Period​

Key dates related to the Offer are set as follows:

Background and Corporate Details​

Bliss GVS Pharma Limited is a publicly listed company engaged in the manufacturing of pharmaceutical products, including suppositories, pessaries, tablets, capsules, and other specialty pharmaceutical goods. The company has been incorporated since December 1984.

The Acquirer, Anupam Rasayan India Limited, is primarily involved in custom synthesis and manufacturing of specialty chemicals in India. As of June 5, 2026, the Acquirer’s shareholding pattern stood as follows:


The Acquirer reported a revenue from operations of ₹ 2,365.45 and Profit After Tax / Net Income of 222.20 for the financial year ended March 31, 2026.

Financial Arrangements and Offer Process​

The transaction is supported by substantial financial arrangements made by the Acquirer. An escrow account amounting to ₹ 160,00,00,000.00 was established with Axis Bank Limited as of May 26, 2026, in accordance with an Escrow Agreement dated May 26, 2026.

The Acquirer has arranged total financing amounting to ₹ 3,038.00 crore towards the Open Offer consideration. The Manager to the Open Offer certified that the Acquirer possesses adequate financial resources to fulfill its obligations under the offer.

The acquisition of Equity Shares is subject to all necessary regulatory and statutory approvals required by both the Acquirer and the Public Shareholders. All public shareholders tendering their shares are advised to obtain requisite approvals, including approval from the Reserve Bank of India (RBI) if applicable, especially in the case of non-resident entities.

Procedure for Acceptance​

The offer is scheduled to be implemented through a separate Acquisition Window provided by BSE and NSE, as per SEBI guidelines. The tendering period runs from July 16, 2026, to July 29, 2026. Public Shareholders can participate in the offer in dematerialised or physical form.

The Acquirer maintains the right to revise the Offer Price and/or the Offer Size prior to the commencement of the Tendering Period.

BLISSGVS Stock Price Movement​

Today, Bliss GVS Pharma Ltd saw its shares rise by 0.37%, closing the trading day at ₹421.6. The stock traded within an intraday range bounded by a low of ₹415.6 and a high of ₹428.75, amidst a volume of 618,672 shares.