Anupam Rasayan India Limited has agreed to acquire a 43.30% stake in Bliss GVS Pharma Limited for ₹1,369.51 crore, equating to ₹299 per equity share. The transaction, structured through a Share Purchase Agreement dated May 23, 2026, involves the purchase of 4,58,03,024 shares from promoter group members and public shareholders. This strategic move is designed to enhance Anupam Rasayan's footprint in the pharmaceutical value chain, leveraging Bliss GVS's niche dosage forms and international market reach. The acquisition triggers an open offer obligation under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, requiring an offer for up to 26% of the paid-up equity share capital at the same price, aggregating to ₹829.03 crore. The total proposed transaction value for up to 74.20% equity shares amounts to approximately ₹2,198.54 crore.

Transaction Details

The board of Anupam Rasayan approved the acquisition of up to 4,58,03,024 fully paid-up equity shares, representing 43.30% of the total paid-up share capital of Bliss GVS Pharma. The sellers include promoter group members and public shareholders. Upon completion, Anupam Rasayan will acquire control of Bliss GVS Pharma and be classified as a promoter. The purchaser also holds a call option to acquire an additional 51,81,571 equity shares (4.90%) at the SPA Price on the closing date. If not acquired then, the company may purchase these retained shares within 6 to 12 months at the prevailing market price or ₹299 per share, whichever is higher.

The open offer for up to 26% of the expanded share capital will be made to eligible public shareholders. The consideration will be funded through cash. The share acquisition is subject to customary conditions and is expected to be completed within 6 months.

Target Company Performance

Bliss GVS Pharma Limited, incorporated on December 11, 1984, manufactures branded formulations across various therapeutic segments, including anti-malarial, anti-fungal, and cardiovascular. The company holds EU-GMP certification and exports to over 60 countries, with its most dominant market being Sub-Saharan Africa. For the financial year 2025-2026, the company reported a consolidated turnover of ₹1,000.64 crore and a net worth of ₹1,231.76 crore as on March 31, 2026.

Strategic Synergies

The acquisition is expected to generate synergies through expansion into regulated markets and forward integration into end-to-end vertically integrated manufacturing. Bliss GVS boasts a robust pipeline of 62+ molecules, with 48+ catering to regulated markets. The company has also signed strategic agreements in the USA and Canada and received US FDA approval for its Palghar suppository unit. The acquisition is not a related party transaction, and no governmental approvals are required for the Share Purchase Agreement.

anupam rasayan has announced the resignation of Mr. Vishal Thakkar from the position of Deputy Chief Financial Officer and Key Managerial Personnel. The resignation is effective immediately, starting May 23, 2026.

The company disclosed the information in a regulatory filing, stating that Mr. Thakkar decided to step down to explore other opportunities within the Group. Additionally, he has the option to work in his own company. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Details of Resignation

The specific details regarding the change in key managerial personnel were provided in an annexure to the filing. The table below outlines the particulars of the cessation:

Board Meeting and Transition

The Board meeting regarding this matter commenced at 12:45 p.m. IST and concluded at 04:55 p.m. IST. In his resignation letter addressed to the Managing Director, Mr. Thakkar expressed gratitude for the opportunities and guidance received over the last four years. He specifically mentioned the level of freedom provided during various M&A activities, which contributed to his professional growth.

Mr. Thakkar confirmed that he remains available to support the smooth transition of his role as and when required. The company has hosted this information on its official website.