Anupam Rasayan India Limited has announced a mandatory open offer to acquire up to 2,77,26,848 equity shares of Bliss GVS Pharma Limited , representing 26% of the expanded voting share capital, at a price of ₹299 per share. The offer, aggregating to a total consideration of ₹829 crore, follows the acquirer's agreement to purchase a 43.3% stake from existing promoters, triggering the obligation under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The transaction will result in Anupam Rasayan gaining control of the target company and reclassifying the existing promoter group to public shareholders.

Offer Details and Pricing

The open offer price of ₹299 per share has been determined in accordance with Regulation 8(2) of the SEBI SAST Regulations, being the highest of the negotiated price under the share purchase agreement and the volume weighted average market price. SBI Capital Markets Limited has been appointed as the manager to the offer. The acquirer has opened an escrow account with Axis Bank Limited and deposited ₹160 crore as initial security. Financial arrangements for the offer include ₹394 crore in cash and cash equivalents, ₹644 crore in callable bank limits, and a non-binding letter for potential acquisition financing of ₹2,000 crore.

Transaction Background

The open offer is triggered by an agreement dated May 23, 2026, between Anupam Rasayan and sellers, including promoter group members Shruti Vishal Rao, Vibha Gagan Sharma, and Narsimha Shibroor Kamath. The acquirer has agreed to acquire 4,58,03,024 equity shares, representing 43.30% of the equity share capital, at a price not exceeding ₹299 per share. Additionally, the acquirer holds a call option to acquire up to 51,81,571 additional shares from specific sellers at the SPA price or the prevailing market price, subject to a floor of ₹299.

Target Company Financials

Bliss GVS Pharma Limited reported a total revenue of ₹1,000.64 crore and a net income of ₹134.73 crore for the financial year ended March 31, 2026. The company's net worth stood at ₹1,192.90 crore as of the same date. The equity shares of the target company are listed on BSE and NSE under the symbol BLISSGVS.

Tentative Schedule

The tendering period for the open offer is scheduled to commence on July 16, 2026, and close on July 29, 2026. The last date for upward revision of the offer price is July 15, 2026. Payment of consideration for accepted shares is expected to be completed by August 12, 2026. The detailed public statement was published in newspapers on June 1, 2026.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE416D01022/a540c00bd98f4bc8.pdf

Bliss GVS Pharma Limited announced that Independent Director Mr. Santosh Parab has completed his second and final term, ceasing to be a Director of the company effective the close of business hours on May 25, 2026. This transition impacts the company's board composition as Mr. Parab also vacated his positions on all committees he was part of, effective immediately. The company expressed gratitude for his guidance and contributions during his association.

The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing detailed that Mr. Santosh Parab, holding DIN 01622988, was re-appointed to the Board for a period of five consecutive years starting May 26, 2021. The completion of this specific tenure on May 25, 2026, marks the end of his statutory role as an Independent Director.

Details of Cessation

The company provided specific particulars regarding the change in directorship as required under SEBI regulations. The cessation was attributed strictly to the completion of the tenure and the conclusion of his second and final term.

The filing confirmed that no other reasons, such as resignation or removal, were associated with this departure. The necessary intimation has been submitted to the National Stock Exchange of India Limited and BSE Limited for record purposes.