The Committee of Independent Directors (IDC) of Bliss GVS Pharma Limited has recommended the open offer made by Anupam Rasayan India Limited to acquire up to 26% of the company's expanded voting share capital. The offer targets 2,77,26,848 fully paid-up equity shares at a price of ₹299.00 per share, aggregating to a total consideration of ₹829,03,27,552.00. The IDC, in its meeting held on July 22, 2026, reviewed the pricing parameters and determined that the offer price is fair and reasonable in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The open offer follows the execution of a share purchase agreement dated May 23, 2026, for the acquisition of 4,58,03,024 equity shares, representing 43.11% of the equity share capital. The offer price of ₹299.00 per share represents the highest of the applicable pricing parameters, which includes the volume weighted average market price of ₹247.55 per share on the National Stock Exchange for the 60 trading days preceding the public announcement. However, the IDC noted that the closing market prices on BSE and NSE on July 17, 2026, were ₹482.50 and ₹483.50 per share respectively, which are higher than the offer price.

The committee, comprising Mr. Nandkumar Kashinath Chodankar as Chairperson and members Ms. Shilpa Vinodkumar Bhatia, Mr. Vijayanarayanan Mahadevan, and Mr. Deepak Rameshchandra Shah, unanimously approved the recommendation. SBI Capital Markets Limited is the manager to the open offer, and M/s. Swati Kedar Kothari & Co., Chartered Accountants, certified the offer price. The IDC advised public shareholders to independently evaluate the market performance and their investment objectives before tendering shares.

Tentative Schedule of the Open Offer

The tendering period opens on July 28, 2026, and closes on August 10, 2026. The offer is not conditional upon any minimum level of acceptance. Anupam Rasayan India Limited has opened an escrow account with Axis Bank Limited and deposited ₹160 crore as part of the financial arrangements for the offer.

Bliss GVS Pharma Limited shareholders approved the declaration of a final dividend of ₹1.00 per equity share for the financial year ended March 31, 2026, at its 41st Annual General Meeting held on July 15, 2026. The meeting, conducted via video conferencing, also saw the re-appointment of Mr. Narsimha Shibroor Kamath as Managing Director & CEO and the adoption of the audited financial statements for FY26. The voting results were disclosed to the stock exchanges in compliance with Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Voting Outcomes

All three ordinary resolutions presented at the AGM were passed. The adoption of the audited standalone and consolidated financial statements received 99.99% approval, with 65,393,771 votes in favour and 3,098 against. The resolution to declare the final dividend of 100%, or ₹1.00 per share on a face value of ₹1 each, was approved with 100% of votes polled in favour. The re-appointment of Mr. Narsimha Shibroor Kamath (DIN: 00140593) as Managing Director & CEO was approved by 97.68% of the votes polled, with Public Institutions holding 14.45% of their votes against the resolution.

Procedural Details

The remote e-voting process commenced on July 12, 2026, and concluded on July 14, 2026, facilitated by Central Depository Services (India) Limited (CDSL). Mr. Vijay Yadav, Partner of AVS & Associates, served as the Scrutinizer for the meeting. The record date for determining shareholder eligibility was July 08, 2026, with a total of 47,336 shareholders on record. The meeting was chaired by Mr. Nandkumar Chodankar, Chairman & Independent Director.