Open Offer for Parmax Pharma Ltd: Consortium Announces Mandatory Takeover at ₹42.80 per Share
A consortium comprising Dhiren Chandulal Shah and Sunil Chinubhai Shah, along with ten Persons Acting in Concert (PACs), has announced a mandatory open offer to acquire equity shares of Parmax Pharma Ltd. The acquisition is intended to result in a substantial stake and control over the Target Company.The open offer offers up to 23,46,250 Equity Shares of the company at a fixed Offer Price of ₹ 42.80 per share, payable in cash. Based on full acceptance, the maximum consideration for this acquisition amounts to ₹ 10,04,19,500.00 (Rupees Ten Crores Four Lakhs Nineteen Thousand Five Hundred only).
The offer details are set against a backdrop of prior acquisitions and planned capital infusion through a preferential allotment. The consortium led the proposed underlying transaction which includes two components: a Share Purchase Agreement (SPA) and a Preferential Issue.
Underlying Transaction Details
On June 08, 2026, the Acquirers and SPA PACs entered into an agreement with the Sellers to acquire 11,52,450 Equity Shares, representing 12.77% of the Expanded Voting Capital, at a price of ₹ 35.00 per share, aggregating to ₹ 4,03,35,750.00.The consortium's board resolution on June 08, 2026, also authorized the issuance and allotment of securities to the Acquirers and PACs by way of a Preferential Issue (PI). This PI includes:
- Issuance of Equity Shares to Acquirers and PACs for an aggregate consideration of ₹ 8,32,36,206.00.
- Allotment of warrants convertible into equity shares to Acquirers and PACs for a total consideration of ₹ 6,26,54,951.00.
The consortium aims to have a substantial holding accompanied by control of the Target Company following the successful consummation of this underlying transaction.
Shareholding Status and Offer Parameters
As detailed in the Draft Letter of Offer (DLOF), the acquisition is structured to increase the combined stake of the Acquirers and PACs significantly. The offer details are as follows:| Parameter | Detail |
|---|---|
| Offer Price | ₹ 42.80 per Equity Share (Cash) |
| Offer Size | Up to 23,46,250 Equity Shares |
| Maximum Consideration | ₹ 10,04,19,500.00 |
| Offer Opening Date | July 30, 2026 |
| Offer Closing Date | August 12, 2026 |
The DLOF provided a detailed snapshot of the shareholding structure as on June 22, 2026. The post-offer shareholding projections (assuming full acceptance under the Open Offer) are estimated as follows:
| Stakeholder Category | Shareholding before Acquisition (Approx.) | Shares Agreed to be Acquired in Open Offer (Max) | Post-Offer Shareholding (Estimated) |
|---|---|---|---|
| Promoter & Promoter Group | 11,52,450 shares (30.80%) | - | ~ N/A |
| Acquirers and PACs | Varies by member (Total: 7,14,800) | Upto 23,46,250 | 94.34% |
| Public Shareholders | 15,71,136 shares (41.99%) | Upto 23,46,250 | 5.66% |
Consortium Members and Investments
The consortium members—comprising the Acquirers (Dhiren Chandulal Shah and Sunil Chinubhai Shah) and ten PACs—are reported to hold varied stakes in the Target Company through both SPA transactions and proposed PI allocations.Notable details regarding individual memberholdings include:
- PAC 10 (Meena Alkesh Gosalia), an immediate relative of the Managing Director, holds 474,800 Equity Shares (12.69%).
- Acquirer 1 (Dhiren Chandulal Shah) and PAC 1 (Dhairya Dhiren Shah) are immediate relatives.
- The collective intent is to ensure that following the completion of the Open Offer and underlying transactions, the Acquirers and the PACs will be classified as promoters and promoter group of Parmax Pharma Ltd.
Financial arrangements for the acquisition have been confirmed by the Acquirers through third-party certification, with a deposit of ₹ 5,20,00,000/- made into an Escrow Account with ICICI Bank Limited. The Tendering Period is slated to run from July 30, 2026, until August 12, 2026.
Stock Price Movement
Parmax Pharma Ltd shares settled at ₹70.76 at the close of trade on Monday, edging higher after gaining 1.99%. The stock was locked in a flat trading pattern throughout the day, with its intraday high and low both marking ₹70.76.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.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.