Acquirers Dhiren Chandulal Shah and Sunil Chinubhai Shah have initiated a mandatory open offer to acquire up to 23,46,250 fully paid-up equity shares, representing 26% of the expanded voting capital of Parmax Pharma Limited , at a price of ₹42.80 per share. The offer, aggregating to a maximum consideration of ₹10.04 crore, follows the acquirers entering into a share purchase agreement to acquire 11,52,450 equity shares and a board approval for a preferential issue of equity shares and warrants. The transaction will result in a change of control, with the acquirers and persons acting in concert (PACs) becoming the promoters of the target company.

The open offer 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, while Purva Sharegistry (India) Private Limited is the registrar. The acquirers have deposited ₹5.20 crore in an escrow account with ICICI Bank Limited, representing more than 25% of the maximum consideration, as required under the regulations.

The offer price of ₹42.80 per share has been determined in accordance with Regulation 8 of the SEBI (SAST) Regulations, being higher than the volume-weighted average market price of ₹42.79 for the 60 trading days preceding the public announcement. The acquirers have reserved the right to revise the offer price upwards prior to the commencement of the tendering period. The offer is not conditional upon a minimum level of acceptance and is not a competing offer.

Offer Schedule

The tentative schedule for the open offer activities has been outlined in the draft letter of offer. The tendering period is set to commence on July 30, 2026, and conclude on August 12, 2026. The identified date for determining the public shareholders to whom the letter of offer will be sent is July 16, 2026. Payment of consideration for accepted shares is expected to be completed by August 27, 2026.

Background and Financials

Parmax Pharma Limited reported a net loss of ₹4.16 crore for the financial year ended March 31, 2026, compared to a net loss of ₹2.09 crore in the previous year. Revenue from operations for FY26 stood at ₹12.11 crore, down from ₹28.20 crore in FY25. The company's net worth as of March 31, 2026, was negative at ₹6.15 crore. The equity shares of the company are listed on BSE and are currently under the XT / T+1 group and graded surveillance measure stage 0.

The acquirers, along with the PACs, have confirmed they possess adequate financial resources to meet their obligations under the offer. The existing promoters will cease to be promoters and will be declassified upon completion of the underlying transaction and the open offer. The acquirers have stated they have no intention to delist the equity shares of the company pursuant to this offer.

Abhay Chinubhai Shah increased his shareholding in Parmax Pharma by acquiring 2,49,394 equity shares on June 18, 2026. This acquisition represents 2.76% of the total paid-up equity share capital of the company. The transaction was executed through an off-market mechanism at a price of ₹35.00 per share.

The disclosure was submitted in compliance with Regulation 18(6) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Abhay Chinubhai Shah is identified as PAC 8 within the group of acquirers. The shares were acquired from Pradeep Gosalia, Vandana Gosalia, and Nimit Gosalia.

Prior to this acquisition, the acquirers and PACs held 7,68,320 shares, accounting for 20.54% of the company's equity. Following the purchase, the combined shareholding has risen to 10,17,714 shares, which constitutes 27.20% of the total equity shares of the target company.

The consideration amount for the acquisition has been paid, although the shares are yet to be credited to the demat account of PAC 8. The acquirer group includes Dhiren Chandulal Shah and Sunil Chinubhai Shah, along with several other PACs.

Shareholding Details

Acquisition Breakdown