Anupam Rasayan Launches Open Offer for Bliss GVS Pharma Shares at ₹299 Per Share
Anupam Rasayan India Limited (ARIL) has initiated a mandatory open offer to acquire shares of Bliss GVS Pharma Limited (BGVSP). The acquisition comes as part of an underlying transaction where ARIL aims to gain control over the Target Company.The Open Offer, which was announced following the execution of a Share Purchase Agreement, details in the Draft Letter of Offer (DLoF) specify that ARIL is offering to acquire up to 2,77,26,848 Equity Shares from public shareholders of BGVSP. This acquisition represents 26.00% of the Expanded Voting Share Capital of the Target Company.
The offer details are as follows:
| Metric | Details |
|---|---|
| Acquirer | Anupam Rasayan India Limited (ARIL) |
| Target Company | Bliss GVS Pharma Limited (BGVSP) |
| Offer Price per Share | ₹ 299.00 (Indian Rupees Two Hundred Ninety-Nine only) |
| Maximum Offer Size | Up to 2,77,26,848 Equity Shares |
| Total Maximum Consideration | ₹ 829,03,27,552.00 (Indian Rupees Eight Hundred Twenty-Nine Crore Three Lakh Twenty-Seven Thousand Five Hundred Fifty-Two only) |
The Expanded Voting Share Capital of the Target Company was calculated as 10,66,41,722 Equity Shares, comprising 10,57,88,972 fully paid up equity shares and 8,52,750 outstanding employee stock options. The Offer Price was certified by Swati Kedar Kothari and Co., Chartered Accountants on May 23, 2026, based on relevant SEBI (SAST) Regulations.
A summary of the Open Offer timeline is provided below:
| Activity | Date/Period |
|---|---|
| Public Announcement (PA) | Saturday, May 23, 2026 |
| Detailed Public Statement (DPS) Publication | Monday, June 1, 2026 |
| Identified Date for LOF Dispatch | Thursday, July 2, 2026 |
| Tendering Period Start (Offer Opening Date) | Thursday, July 16, 2026 |
| Tendering Period End (Offer Closing Date) | Wednesday, July 29, 2026 |
Financial Commitment and Offer Structure
The Open Offer is backed by significant financial arrangements from ARIL. The Acquirer established a cash deposit in an Escrow Account with Axis Bank Limited, amounting to ₹ 160,00,00,000.00, as part of the Escrow Agreement dated May 26, 2026.The Acquirer has secured adequate financial resources for fulfilling its obligations under the Open Offer. The total available financial arrangements supporting the acquisition 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 providing potential acquisition financing | 2,000.00 |
| Total Financial Arrangements | 3,038.00 |
Operational Details of the Open Offer
The Acquirer has confirmed that no statutory or regulatory approvals are required by ARIL for the consummation of the Underlying Transaction and the Open Offer as of the date of the DLoF.The acquisition process is governed by specific terms:
- Offer Integrity: The Offer is not conditional on any minimum level of acceptance, nor is it a competing offer.
- Tender Rules: The Open Offer allows for tendering in both dematerialized and physical forms through designated Stock Exchanges (BSE and NSE) using an 'Acquisition Window'.
- Obligations: Public Shareholders are required to tender shares that are clear from all liens, charges, and encumbrances.
The Acquirer's shareholding details show the company operating at a substantial scale, with consolidated revenue reaching ₹ 2,365.45 crore for the financial year ended March 31, 2026.
ANURAS Stock Price Movement
Today, shares of Anupam Rasayan India Limited tumbled to settle at ₹1,267.20, registering a 2.66% decline in after-hours trading. The equity saw a traded volume of 179,657 shares as it navigated its daily range between ₹1,261.2 and ₹1,302.8.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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