Anupam Rasayan India to Acquire 43.30% Stake in Bliss GVS Pharma through Share Purchase Agreement

Anupam Rasayan India to Acquire 43.30% Stake in Bliss GVS Pharma through Share Purchase Agreement​

Bliss GVS Pharma Limited has announced the execution of a Share Purchase Agreement (SPA) dated May 23, 2026. Under the agreement, Anupam Rasayan India Limited (the Purchaser) will acquire a substantial equity stake in the Company from a group of existing shareholders (the Sellers). The transaction involves the transfer of shares from both promoter and non-promoter categories.

The Shares Proposed for Transfer

The Sellers, comprising promoter/promoter group members and public/non-promoter shareholders, are proposing to sell a total of 4,58,03,024 fully paid up equity shares, representing 43.30% of the Company's total paid-up share capital.

The proposed transfer breakdown is as follows:


Consideration and Control Changes

The total consideration agreed upon under the SPA for the acquisition of these shares is INR 13,69,51,04,176/-.

Following the full consummation of the transactions, the Purchaser is expected to acquire control of the Company, and will be classified as part of the promoter/promoter group.

The SPA details the terms for the remaining shares to the Sellers. Three sellers—Mr. Narsimha Shibroor Kamath, Mr. Gautam Rasiklal Ashra, and Mr. Arjun Gautam Ashra—may continue to hold specific amounts of shares, totaling 4.90% of the issued and outstanding equity share capital (referred to as 'Balance Shares').

The Purchaser also holds options regarding the acquisition of residual shares:

1. Option Shares: The Purchaser has an option to acquire any or all of the 'Balance Shares' (up to 51,81,571 Equity Shares, representing 4.90% of the equity share capital) on the Completion Date, at the price specified in the SPA, pursuant to a call option.
2. Retained Shares: If the Option Shares are not fully acquired on the Completion Date, the Purchaser has an option to acquire all residual Equity Shares from the Sellers ('Retained Shares') through several mechanisms:
* (i) No earlier than six months and no later than twelve months from the Completion Date;
* (ii) On the first anniversary of the Completion Date (or the immediately succeeding Business Day); or
* (iii) On a mutually determined date, where the acquisition will take place at the prevailing market price.

In specific cases, the acquisition of Retained Shares is subject to a minimum floor price. The acquisition will take place at the prevailing market price unless that price is less than INR 299.00 per Equity Share, in which case the shares will be acquired off-market at INR 299.00 per Equity Share.

Market Implications

The execution of the SPA triggers an obligation for the Purchaser to make an open offer to the public shareholders of the Company. This open offer is required under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, representing up to 26% of the total paid up equity share capital of the Company on a fully diluted basis.

BLISSGVS Stock Price Movement​

On Friday, Bliss GVS Pharma Limited shares rallied by 1.96%, settling at ₹300.35 in after-hours trading. The stock gained ₹5.80, marking a significant day as it hit its 52-week high of ₹304 and trading on a volume of 2.32 million shares.