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 will be published in newspapers on or before 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 Limited reported a net loss of ₹4.16 crore for the financial year ended March 31, 2026, as revenue from operations declined to ₹12.12 crore. The company's Board of Directors approved the standalone audited financial results for the quarter and year ended March 31, 2026, during a meeting held on June 03, 2026. The statutory auditors, M/s. B A Shah S R Mehta & Co., Chartered Accountants, issued an unmodified opinion on the financial results.

Financial Performance

For the quarter ended March 31, 2026, the company recorded a net loss of ₹58.43 lakh on revenue from operations of ₹3.31 crore. In comparison, the net loss for the same period in the previous year was ₹1.49 crore on revenue of ₹4.83 crore. Total income for the quarter stood at ₹3.34 crore, down from ₹4.73 crore in the corresponding quarter of the previous year.

The company reported a loss before tax of ₹5.85 crore for the full year, compared to a loss of ₹2.40 crore in the previous year. Finance costs for the year increased to ₹12.40 crore, significantly impacting profitability. The basic earnings per share (EPS) for the year was negative at ₹11.12, compared to a negative EPS of ₹5.60 in the previous year.

Operational Highlights

Parmax Pharma operates in a single pharmaceutical segment. During the financial year, the company did not charge depreciation on its clean room plant and effluent treatment plant. Additionally, the company lodged an insurance claim wherein the surveyor provided an insurance provision amounting to ₹3.5 crore.

Assets and Liabilities

The company's total assets as of March 31, 2026, stood at ₹28.05 crore, an increase from ₹18.75 crore in the previous year. Current assets rose to ₹16.68 crore, driven by higher inventories and trade receivables. Total equity and liabilities increased to ₹28.05 crore, with current liabilities reaching ₹22.68 crore, primarily due to higher trade payables and other financial liabilities.

Cash Flow Statement

Cash flow from operating activities resulted in a net outflow of ₹2.36 crore during the year. The company utilized ₹90 lakh in investing activities, primarily for the purchase of fixed assets. Financing activities provided a net inflow of ₹3.81 crore, largely due to an increase in long-term borrowings. Cash and cash equivalents at the end of the year stood at ₹65 lakh, up from ₹9 lakh in the previous year.