Anupam Rasayan launches ₹829 cr open offer for Bliss GVS
Anupam Rasayan India Limited has announced a mandatory open offer to acquire up to 26% of the expanded voting share capital of Bliss GVS Pharma Limited at ₹299 per share, totaling ₹829 crore. This follows a share purchase agreement to acquire a 43.30% stake for ₹1,369.51 crore from existing promoters and public shareholders, which triggers a change of control.
*this image is generated using AI for illustrative purposes only.
Anupam Rasayan India Limited has initiated a mandatory open offer to acquire up to 26% of the fully diluted equity share capital of bliss gvs pharma . The offer price is fixed at ₹299 per share, aggregating to a total consideration of up to ₹8,29,03,27,552. SBI Capital Markets Limited has been appointed as the manager to the offer. This open offer is triggered pursuant to the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, following a share purchase agreement executed on May 23, 2026.
The underlying transaction involves Anupam Rasayan acquiring a 43.30% stake in Bliss GVS Pharma Limited from existing promoters and public shareholders. The acquirer has agreed to purchase 4,58,03,024 fully paid-up equity shares at ₹299 per share, amounting to ₹13,69,51,04,176. The sellers include promoter group members Mr. Narsimha Shibroor Kamath, Dr. Vibha Gagan Sharma, and Ms. Shruti Vishal Rao, as well as public shareholders Mr. Gautam Rasiklal Ashra, Mr. Arjun Gautam Ashra, and M/s. Gulbarga Trading and Investment Private Limited.
Transaction Details
The acquisition will result in a change of control, with Anupam Rasayan becoming the promoter of Bliss GVS Pharma Limited. Upon completion, the existing promoter group will cease to be in control. The acquirer also holds a call option to purchase an additional 51,81,571 equity shares, representing 4.90% of the equity share capital, referred to as Option Shares. If these Option Shares are not acquired fully, the acquirer has a further option to acquire the residual Retained Shares within 6 to 12 months from the completion date at the prevailing market price, or at ₹299 per share if the market price is lower.
| Parameter | Details |
|---|---|
| Acquirer | Anupam Rasayan India Limited |
| Target Company | Bliss GVS Pharma Limited |
| Open Offer Size | 2,77,26,848 Equity Shares (26.00%) |
| Offer Price | ₹299.00 per share |
| Total Offer Consideration | ₹8,29,03,27,552.00 |
| Underlying Acquisition | 4,58,03,024 Equity Shares (43.30%) |
| Option Shares | Up to 51,81,571 Equity Shares (4.90%) |
Open Offer and Regulatory Compliance
The open offer is for up to 26% of the total paid-up equity share capital of the company on a fully diluted basis. The transaction is subject to the fulfilment of conditions precedent and receipt of applicable statutory and regulatory approvals. The Detailed Public Statement (DPS) is expected to be published on or before June 1, 2026. The acquirer has confirmed that the offer is not conditional upon any minimum level of acceptance and that there is no intention to delist the target company.
Historical Stock Returns for Bliss GVS Pharma
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +4.15% | +40.33% | +51.08% | +138.18% | +215.96% | +260.77% |
How might Anupam Rasayan's acquisition of Bliss GVS Pharma reshape its product portfolio and competitive positioning in the specialty chemicals and pharmaceutical sectors?
What synergies could Anupam Rasayan realistically extract from Bliss GVS Pharma's existing distribution networks and international markets, particularly in Africa and emerging economies?
How will minority shareholders of Bliss GVS Pharma respond to the ₹299 open offer price, and could acceptance levels significantly impact Anupam Rasayan's post-acquisition ownership structure?
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