Parmax Pharma Limited concluded its open offer on August 12, 2026 with zero shares tendered, as disclosed in the Post Offer Advertisement dated August 22, 2026, published on August 24, 2026.

The open offer was made by acquirers Dhiren Chandulal Shah and Sunil Chinubhai Shah, along with ten persons acting in concert (PACs), to acquire up to 23,46,250 fully paid-up equity shares of face value ₹10 each, representing 26.00% of the expanded voting share capital of Parmax Pharma Limited. The offer price was ₹42.80 per equity share, with the total offer size valued at ₹10,04,19,500.00. The offer opened on July 30, 2026 and closed on August 12, 2026. Since no shares were tendered, the date of payment of consideration is not applicable.

Key offer details

The following table summarises the core parameters of the open offer:

Acquirer and PAC shareholding

Prior to the public announcement, the acquirers held no shares in Parmax Pharma. Among the PACs, PAC 4 (Nirmal Sunilbhai Shah) held 32,500 shares (0.87%), PAC 7 (Kamlesh Natvarlal Shiyani) held 7,500 shares (0.20%), PAC 9 (Umang Alkesh Gosalia) held 2,00,000 shares (5.35%), and PAC 10 (Meena Alkesh Gosalia) held 4,74,800 shares (12.69%) of the fully diluted equity share capital.

Subsequent to the public announcement, shares were acquired by way of agreements. The actual post-offer shareholding of the acquirers and PACs is set out below:

PAC 5 and PAC 8 also acquired shares after the detailed public statement at ₹35.00 per share: PAC 5 acquired 53,520 shares (0.59% of current equity share capital) and PAC 8 acquired 2,49,394 shares (2.76% of current equity share capital). It is noted that credit of only 2,46,580 equity shares has been received in the demat account of PAC 8 pursuant to the share purchase agreement dated June 18, 2026, with credit of the balance 2,814 equity shares still pending.

Public shareholder position

The pre-offer shareholding of public shareholders stood at 15,71,136 shares, representing 41.99% of the fully diluted equity share capital. Since no shares were tendered in the open offer, the post-offer public shareholding remains at 15,71,136 shares, representing 17.41% of the fully diluted equity share capital on an actual basis.

Regulatory and transaction notes

The preferential issue allotment remains pending as of the advertisement date. The application for in-principle approval from BSE for the proposed preferential issue was submitted on June 9, 2026, and the requisite approval was received from BSE on August 21, 2026. The expanded voting capital referenced in percentage calculations includes 52,82,731 equity shares to be issued pursuant to the proposed preferential issue, assuming full conversion of warrants. Actual percentage figures are calculated as a percentage of the current equity share capital of the target company, i.e., 37,41,300 equity shares.

Upon consummation of the underlying transaction and subject to compliance with applicable SEBI regulations, the acquirers will acquire and exercise control over Parmax Pharma. The acquirers, PAC 2, and PAC 9 will be classified as promoters of the target company, while PAC 1, PAC 3, PAC 4, PAC 5, PAC 6, PAC 7, PAC 8, and PAC 10 will be classified as members of the promoter group. The aggregate shareholding of the acquirers and the PACs, assuming full conversion of warrants and full acceptance of the open offer, would be 94.34% of the expanded voting capital. The existing promoters will cease to be promoters and will be declassified from the promoter and promoter group category in accordance with Regulation 31A of the SEBI (LODR) Regulations. The post offer advertisement was issued in compliance with Regulation 18(12) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Parmax Pharma Limited received in-principle approval from the Bombay Stock Exchange for a preferential allotment of equity shares and warrants. The exchange granted the nod on August 21, 2026, under Regulation 28(1) of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

The company intends to raise capital through the issuance of 31,37,586 equity shares and 21,45,145 warrants. Both securities carry a face value of ₹10 each. The issue price is set at not less than ₹36.50 per share or warrant.

Issue Structure

The preferential allotment comprises two distinct security types convertible into equity. The warrants will convert into an equal number of equity shares upon exercise. The transaction requires compliance with applicable SEBI regulations before final execution.

This follows an earlier intimation by the company dated June 8, 2026. The allottees are determined as per the Notice of the Extraordinary General Meeting.