Dhiren Chandulal Shah and Sunil Chinubhai Shah have announced an open offer to acquire up to 26% of the expanded voting share capital of Parmax Pharma Limited at a price of ₹42.80 per share. The offer, aggregating to a total consideration of ₹10.04 crore, is being made in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Fedex Securities Private Limited is acting as the manager to the offer.

The open offer is triggered by an underlying transaction involving a share purchase agreement and a proposed preferential issue. The acquirers, along with persons acting in concert (PACs), have entered into a Share Purchase Agreement dated June 08, 2026, to acquire 11,52,450 equity shares from existing promoters Alkesh Mahasukhlal Gopani, Vipul Mahasukhlal Gopani, and Pravina Mahasukh Gopani at ₹35.00 per share. Additionally, the board of directors of Parmax Pharma Limited approved a preferential issue of 31,37,586 equity shares and 21,45,145 warrants to the acquirers and PACs at ₹36.50 per share and warrant respectively.

Upon completion of the underlying transaction, the existing promoters will cease to hold any equity shares in the company and will be declassified from the promoter and promoter group category. The acquirers and PACs will acquire control over the target company and will be identified as the new promoters. The acquirers have stated they do not intend to delist the equity shares of Parmax Pharma Limited pursuant to this open offer.

The detailed public statement was published in newspapers on June 15, 2026. The offer is not conditional upon any minimum level of acceptance. The acquirers have confirmed they have adequate financial resources to meet the obligations under the SEBI (SAST) Regulations.

Offer Details

Transaction Summary

Parmax Pharma has scheduled an Extraordinary General Meeting (EGM) on Thursday, July 2, 2026, to seek shareholder approval for raising ₹19.28 crore through a preferential issue of equity shares and warrants. The issuance aims to facilitate a change in control, with acquirers seeking majority voting rights through the preferential allotment, secondary acquisition, and an open offer. The Board of Directors, at its meeting held on June 8, 2026, sanctioned the issuance of 31,37,586 equity shares and 21,45,145 convertible warrants at an issue price of ₹36.50 each, comprising a face value of ₹10 and a premium of ₹26.50.

The board approved increasing the authorised share capital from ₹6 crore to ₹10 crore and adopting a new set of Articles of Association to align with the Companies Act, 2013. The Committee of Independent Directors, comprising Nikhil Sureshchandra Uchat and Ami Shah Rajeshbhai, unanimously recommended the preferential issue, determining Tuesday, June 2, 2026, as the relevant date for pricing floor calculations in accordance with SEBI ICDR Regulations. The floor price was determined at ₹36.33 per share.

Extraordinary General Meeting

The EGM is scheduled for Thursday, July 2, 2026, at 11:30 am IST via video conferencing. Remote e-voting will be open from June 29, 2026, to July 1, 2026, for shareholders holding shares as of the cut-off date of June 25, 2026. The board appointed Shreyans Jain & Co., Practising Company Secretary, as the scrutinizer for the e-voting process.

Preferential Issue Details

The preferential issue involves a total fund raise of ₹19,28,19,682. The issuance includes 31,37,586 equity shares aggregating to ₹11,45,21,889 and 21,45,145 warrants aggregating to ₹7,82,97,793. Warrants are exercisable in one or more tranches within 18 months from the date of allotment. The proceeds will be used for working capital requirements and general corporate purposes.