Anupam Rasayan India Limited has filed a Draft Letter of Offer with SEBI to initiate a mandatory open offer for the public shareholders of Bliss GVS Pharma Limited. The offer is being made pursuant to Regulation 3(1) read with Regulation 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, following the execution of a Share Purchase Agreement (SPA) dated 23 May 2026.

The acquirer has agreed to acquire 4,58,03,024 equity shares, representing 43.30% of the equity share capital of Bliss GVS Pharma Limited, from existing promoters and public shareholders. Consequently, the acquirer is making a cash offer to the public shareholders to acquire up to 2,77,26,848 fully paid-up equity shares, representing 26.00% of the expanded voting share capital of the target company.

Offer Details

The open offer price has been fixed at ₹299.00 per equity share, aggregating to a total consideration of ₹829,03,27,552.00 assuming full acceptance. The offer price was determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations, being the highest of the negotiated price under the SPA and the volume weighted average market price for the 60 trading days preceding the public announcement.

Financial Arrangements and Schedule

In accordance with Regulation 17(4) of the SEBI (SAST) Regulations, the acquirer has opened an escrow account with Axis Bank Limited and deposited ₹160,00,00,000.00. SBI Capital Markets Limited is acting as the Manager to the Offer, while MUFG Intime India Private Limited is the Registrar.

The tentative schedule indicates that the tendering period for the open offer will commence on 16 July 2026 and close on 29 July 2026. The identified date for determining eligible shareholders is 2 July 2026. The acquirer has certified that it has adequate financial resources, including cash and cash equivalents of ₹394.00 crore and available bank limits of ₹644.00 crore, to fulfill the obligations under the offer.

Background and Approvals

The acquirer has entered into agreements with promoter sellers—Shruti Vishal Rao, Vibha Gagan Sharma, and Narsimha Shibroor Kamath—and non-promoter sellers, including Gautam Rasiklal Ashra and Arjun Gautam Ashra. Upon completion of the transaction, the existing promoter group of the target company will cease to be in control and will be reclassified as public shareholders.

The offer is not conditional upon a minimum level of acceptance. The acquirer reserves the right to revise the offer price upwards prior to the commencement of the tendering period. The Draft Letter of Offer is available on the websites of SEBI and the company.

Anupam Rasayan India Limited will conduct a plant visit and investor meeting at its Jhagadia GIDC facility in Gujarat on June 09, 2026. The event, hosted by Prabhudas Liladhar, aims to provide stakeholders with an operational overview of the manufacturing site. The interaction is scheduled to begin at 10:00 am IST and will be conducted as a group meeting.

Pursuant to Regulation 30(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company disclosed the schedule to the stock exchanges. The filing confirms that discussions during the meeting will be based strictly on information already available in the public domain. No unpublished price sensitive information (UPSI) will be shared or discussed during the interaction.

The investor presentation for Q4 FY 2024-25, which will be utilized during the meeting, is accessible on the company's official website. The schedule remains subject to change due to exigencies on the part of investors, analysts, or the company.

Investor Meeting Details