Anupam Rasayan Launches Open Offer for Bliss GVS Pharma Ltd Equity Shares, Targeting 26% Stake
Anupam Rasayan India Limited has initiated a mandatory open offer to acquire equity shares in Bliss GVS Pharma Limited. The offer is being made following the execution of a Share Purchase Agreement (SPA) and aims to bring Anupam Rasayan into control of the pharmaceutical company.The Acquirer, Anupam Rasayan India Limited, has established an offering at a fixed price to the public shareholders of Bliss GVS Pharma Ltd.
Key Details of the Open Offer
The open offer details are as follows:- Target Company: Bliss GVS Pharma Limited
- Acquirer: Anupam Rasayan India Limited
- Offer Price: ₹ 299.00 per Equity Share
- Offer Size: Up to 2,77,26,848 fully paid-up equity shares
- Shareholding Represented: 26.00% of the Expanded Voting Share Capital
The Open Offer is being made by the Acquirer in compliance with the provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SEBI SAST Regulations), as amended.
Transaction Context
The mandatory open offer is necessitated by the acquisition of voting rights exceeding 25% (twenty-five per cent.) of the equity share capital of Bliss GVS Pharma Limited (the Target Company).The underlying transaction, known as the "Underlying Transaction," was formalized through a Share Purchase Agreement dated May 23, 2026. The SPA outlines terms for acquiring equity shares from the sellers in excess of 25.00% and control over the Target Company. Upon the consummation of the transactions, the Acquirer will assume control and become the promoter of the Target Company, as per SEBI (LODR) Regulations.
The sale transaction under the SPA involves:
- Shares acquired: A minimum of 4,58,03,024 Equity Shares, which represent 43.30% of the equity share capital as on the date of the agreement.
- Total consideration for these shares: ₹13,69,51,04,176.00
Offer Timeline and Operational Details
The offer is structured around several critical dates:| Activity | Date / Period | Description |
|---|---|---|
| Public Announcement (PA) | May 23, 2026 | Initial announcement regarding the Open Offer. |
| Detailed Public Statement (DPS) Publication | June 1, 2026 | DPS published in newspapers including The Financial Express and Jansatta. |
| Identified Date | July 2, 2026 | Date used to determine eligible shareholders who will receive the Letter of Offer. |
| Tendering Period Start (Offer Opening Date) | July 16, 2026 | Commencement of the Open Offer tendering period. |
| Tendering Period End (Offer Closing Date) | July 29, 2026 | Conclusion date for receiving tenders. |
The Expanded Voting Share Capital of Bliss GVS Pharma Limited has been determined at 10,66,41,722 Equity Shares. The Open Offer is set to acquire up to 2,77,26,848 shares, representing 26.00% of this capital.
Financial Arrangements
The Acquirer has made financial arrangements to fulfill the obligations related to the Open Offer. An escrow account was established with Axis Bank Limited for a cash deposit of ₹ 160,00,00,000.00 (One Hundred and Sixty Crore only) on May 26, 2026.The Acquirer certified that it possesses adequate financial resources to fulfill its obligations under the Open Offer. Total financing arrangements for the offer include:
| Nature of Arrangement | Amount (₹ in crore) |
|---|---|
| Cash and cash equivalents (as on March 31, 2026) | 394.00 |
| Callable money including available and usable bank limits | 644.00 |
| Non-binding high confidence letter for potential acquisition financing | 2,000.00 |
| Total | 3,038.00 |
Shareholding Snapshot
The tables provided in the offer document show the detailed shareholding status prior to and post-offer. Prior to the acquisition, the Promoter Group held a significant stake in the Target Company. The shareholding details are summarized as follows:| Shareholders' Category | Shares/Voting Rights (Pre-Offer) | % of Expanded Voting Share Capital |
|---|---|---|
| Promoter Group | 3,71,34,524 | 34.82% |
| Acquirer (Anupam Rasayan India Limited) | 4,58,03,024 | 42.95% |
| Non-Promoter/Public Shareholders | Balance of the capital | 22.23% |
The Open Offer is designed to acquire shares from the public shareholders at a price that represents the highest parameter among several valuation metrics assessed during the relevant period, resulting in the Offer Price of ₹ 299.00 per Equity Share.
BLISSGVS Stock Price Movement
Shares of Bliss GVS Pharma Limited are edging higher to ₹423.60 as of 10:28 AM today, recording a robust gain of ₹4.00 in live trading. The stock sees steady buying interest, with 181,252 shares transacted so far during the morning session.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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