Rekvina Laboratories Limited has completed the acquisition of Radiant Parenterals Limited, making the latter a wholly owned subsidiary. The Board of Directors approved the allotment of 50,87,750 equity shares on a preferential basis during its meeting held on August 12, 2026. The move aims to consolidate operations within the pharmaceutical sector, leveraging shared resources and distribution networks to expand market presence.

The acquisition was executed through two distinct preferential allotments. The primary component involved a share swap valued at ₹4,62,77,500, where Rekvina issued 46,27,750 equity shares at an issue price of ₹10 per share (including a premium of ₹5) to existing shareholders of Radiant. This transaction transferred 100% of Radiant’s equity share capital, comprising 18,51,100 shares of face value ₹10 each, from five sellers including Surbhit Mukesh Shah and Amit Mukesh Shah.

Additionally, the company allotted 4,60,000 equity shares for cash consideration totaling ₹46,00,000. These shares were issued to non-promoter investors Amitkumar Arunkumar Rao and his HUF at the same issue price of ₹10 per share. All securities allotted in this preferential issue are subject to lock-in restrictions as prescribed under Chapter V of the SEBI ICDR Regulations, 2018.

What the Numbers Show

Radiant Parenterals demonstrated significant revenue growth prior to the acquisition, reporting revenue of ₹31,67,12,500 in FY25 compared to ₹17,36,40,660 in FY24. This represents an increase of over 82% year-on-year, indicating strong operational momentum before being integrated into Rekvina’s portfolio. The target entity, engaged in manufacturing injectables and syrups, is WHO-GMP and ISO 9001-2015 certified.

Shareholding Pattern Changes

The preferential allotment significantly altered the shareholding structure of key investors. Surbhit Mukesh Shah’s stake increased from 15.22% to 22.26%, while Amit Mukesh Shah’s holding rose from 13.73% to 27.07%. New investors Dhruvalkumar Patel, Krima Surbhit Shah, and Ami Amit Shah acquired stakes of 2.00%, 3.00%, and 3.00% respectively through the share swap mechanism.

The cash component of the issue saw Amitkumar Arunkumar Rao increase his holding from 1.65% to 4.49%, while his HUF stake adjusted from 4.72% to 3.10%. The total number of investors participating in the preferential issue was seven, comprising five shareholders in the swap transaction and two in the cash transaction.

Surbhit Mukesh Shah, Amit Mukesh Shah, and Dhruvalkumar Patel have consolidated their control over Rekvina Laboratories Limited , increasing their combined holding to 64.30% following the conclusion of their mandatory open offer. The acquirers accepted all 14,41,863 equity shares tendered by public shareholders at an offer price of ₹10 per share, resulting in a total consideration of ₹1,44,18,630. This outcome solidifies the promoter group’s position while ensuring the company retains a public float of 23.00%, compliant with listing norms.

The open offer, mandated under Regulation 3(2) and 4 of the Securities and Exchange Board of India (Substantial Acquisitions of Shares and Takeovers) Regulations, 2011 (SEBI SAST Regulations), opened on July 1, 2026, and closed on July 14, 2026. Vivro Financial Services Private Limited acted as the Manager to the Offer, while Purva Sharegistry (I) Private Limited served as the Registrar. Consideration for the accepted shares was paid on July 23, 2026. The transaction was triggered by a Share Exchange and Purchase Agreement (SEPA) dated March 16, 2026.

Offer Subscription Details

The acquirers proposed to acquire up to 28,90,100 fully paid-up equity shares, representing 26% of the expanded share capital. Public shareholders tendered only 14,41,863 shares, resulting in a subscription ratio of approximately 50%. All tendered shares were accepted by the acquirers.

Post-Offer Shareholding Structure

Following the acceptance of shares, the acquirers’ combined holding increased to 71,47,415 equity shares. Surbhit Mukesh Shah and Amit Mukesh Shah hold equal stakes of 27.15% each, while Dhruvalkumar Patel holds 10.01%. The public shareholding decreased from 58.70% to 23.00%.

What the Numbers Show

The partial subscription indicates that less than half of the eligible public shareholders chose to exit at the ₹10 offer price. Despite the acquisition, the promoter group’s total stake, including other members, is projected to reach 77.00% upon the consummation of the underlying SEPA transaction, subject to BSE approval for the preferential issue via share swap. This structure ensures the company remains listed with a public float of 23.00%, complying with listing norms while consolidating promoter control.