Bliss GVS Pharma Limited announced on September 28, 2026, that its board has taken note of the reclassification of the erstwhile promoter and promoter group members to the "public" category. This follows the completion of the acquisition of control by Anupam Rasayan India Limited and Mates Visa Consultancy Private Limited (PAC), who now hold 47.95% of the equity share capital.

The change in control results from the acquisition of 5,09,84,595 equity shares by PAC, representing 47.95% of the company's equity, pursuant to a share purchase agreement dated May 23, 2026, and a deed of adherence dated July 17, 2026. Together with 1,669 shares acquired by Anupam Rasayan under an open offer, the aggregate holding stands at 5,09,86,264 shares. The board meeting concluded at 7:18 pm on September 28, 2026.

Reclassification of outgoing promoters

In accordance with Regulation 31A(10) of the SEBI Listing Regulations, the board noted the intent of the outgoing promoters to cease being promoter group members and be reclassified as public shareholders. The table below details the shareholding changes for key individuals in the outgoing promoter group:

Most other entities and individuals listed in the outgoing promoter group held nil shares both prior to and after the transaction. The total shareholding of the outgoing group dropped from 34.82% to 0.01%.

Board restructuring and leadership changes

Concurrent with the change in control, Bliss GVS Pharma’s board approved several key appointments and resignations to align governance with the new promoter group. Mr. Narsimha Shibroor Kamath resigned as Managing Director, effective September 28, 2026.

Three additional directors were appointed as Non-Executive Non-Independent Directors:

• Mr. Hetul Krishnakant Mehta: An entrepreneur with over 30 years of experience in pharmaceutical bulk drug manufacturing and former Independent Director of Anupam Rasayan.
• Mr. Amar Dilip Shah: A business professional with extensive experience in sales, marketing, and strategic planning in the apparel and textile industry.
• Mr. Pramod Badrinarayan Kasat: An investment banker with over three decades of experience in structured finance and private credit, currently MD of Intellecap.

Regulatory approvals and next steps

The board also approved a draft postal ballot notice seeking shareholder approval for the appointment of the three new directors. The notice will be dispatched in accordance with the Companies Act, 2013, and SEBI Listing Regulations. The company confirmed compliance with Regulation 31A(3)(b) and undertook to comply with Regulation 31A(4) regarding the reclassification.

What the Numbers Show

The reclassification data highlights a near-total exit of the previous promoter family from the equity structure. Narsimha Shibroor Kamath alone held 30.51% of the company prior to the deal, which has now dropped to zero. The aggregate stake of the outgoing group fell from 34.82% to a negligible 0.01%, comprising just 8,100 shares held by two minor entities. This stark reduction contrasts with the incoming control block's 47.95% holding, indicating a complete transfer of ownership and strategic direction rather than a partial dilution or joint venture structure.

Bliss GVS Pharma shareholders approved the appointment of Santosh Parab as a Non-Executive and Non-Independent Director through a postal ballot process concluded on September 22, 2026.

The resolution, passed as an Ordinary Resolution, received overwhelming support from the voting base. Out of the total votes polled, 60,481,459 were cast in favour, while 1,841,768 votes were against. This resulted in a favourable vote percentage of 97.04% on the total votes polled.

The voting period for the remote e-voting facility, provided by Central Depository Services (India) Limited, commenced on August 21, 2026, and ended on September 19, 2026. The scrutinizer’s report was submitted by Vijay Yadav of M/s. AVS & Associates, confirming the compliance with the Companies Act, 2013, and SEBI listing regulations.

Voting breakdown by shareholder category

The voting results reveal distinct patterns in participation and support across different shareholder groups. Promoters and promoter group members voted unanimously in favour, while public institutional holders showed notable dissent.

What the numbers show

A divergence exists between institutional and retail sentiment regarding the director appointment. While Public Non-Institutional shareholders (retail investors) voted overwhelmingly in favour with only 720 dissenting votes out of over 18 million polled, Public Institutional holders recorded a significant 15.53% opposition rate. This suggests that institutional investors may have had specific concerns or governance considerations that differed from the broader retail base, although the overall resolution passed comfortably due to strong promoter backing.