Rekvina Laboratories Limited has published its detailed public statement for the mandatory open offer launched by three acquirers seeking to acquire a significant stake in the Gujarat-based pharmaceutical company.

Open Offer Details

Surbhit Mukesh Shah, Amit Mukesh Shah, and Dhruvalkumar Patel are jointly making the open offer to acquire up to 28,90,100 equity shares of Rekvina Laboratories at ₹10.00 per share. The offer represents 26% of the company's expanded share capital and involves a total consideration of ₹2,89,01,000, assuming full acceptance.

Background Transaction

The mandatory open offer was triggered by the execution of a Securities Exchange and Purchase Agreement (SEPA) on March 16, 2026. Under this agreement, Rekvina Laboratories will acquire 100% equity stake in Radiant Parenterals Limited for ₹4,62,77,500 through a share swap mechanism.

The board of directors approved issuing 46,27,750 equity shares of ₹5.00 face value each at ₹10.00 per share to discharge the acquisition consideration. The transaction was valued based on an independent valuation report determining the fair value of Rekvina's equity shares at ₹10.00 per share, establishing a swap ratio of 2.5 Rekvina shares for every Radiant share.

Acquirer Profiles

Surbhit Mukesh Shah (Acquirer-1) currently holds 9,17,607 equity shares (15.22% stake) and serves as Executive Director and Chief Financial Officer. His net worth as of February 28, 2026 stands at ₹56,93,09,231.10.

Amit Mukesh Shah (Acquirer-2) holds 8,27,883 equity shares (13.73% stake) and serves as Managing Director. His net worth as of February 28, 2026 is ₹46,16,41,790.67.

Dhruvalkumar Patel (Acquirer-3) currently holds no shares in the target company but will be reclassified as a promoter following the SEPA consummation. His net worth as of February 16, 2026 is ₹17,07,48,405.

Financial Arrangements

The acquirers have established robust financial arrangements to support the open offer. They have deposited ₹72,25,250 in an escrow account with ICICI Bank Limited, representing 25% of the maximum consideration as required under SEBI regulations.

Offer Timeline

The open offer follows a structured timeline with key milestones spread across several months. The tendering period is scheduled from May 14, 2026 to May 27, 2026, with BSE Limited serving as the designated stock exchange.

Company Overview

Rekvina Laboratories Limited, incorporated in 1988, is engaged in manufacturing and marketing pharmaceutical products. The company's equity shares are listed on BSE Limited with security code 526075. The authorized share capital stands at ₹3,50,00,000 comprising 70,00,000 equity shares of ₹5.00 face value each.

The company's recent financial performance shows total revenue of ₹54.18 lakhs for the period ended December 31, 2025, though it reported a net loss of ₹19.42 lakhs during the same period.

Post-Offer Shareholding

Upon completion assuming full acceptance, the acquirers will collectively hold 85,95,652 equity shares representing 77.33% of the expanded share capital. Combined with existing promoter group members, the total promoter holding will reach 1,00,07,333 shares or 90.03% of the expanded share capital.

The acquirers have confirmed their intention to retain the company's listing status and have no immediate plans for delisting. However, the transaction will result in public shareholding falling below the minimum 25% requirement, necessitating compliance with relevant regulations to restore adequate public float.

Rekvina Laboratories Limited has issued formal notice for its extraordinary general meeting scheduled for April 10, 2026, following the board's earlier approval of significant corporate restructuring initiatives including a major acquisition and capital enhancement measures.

EGM Details and Timeline

The company has scheduled its extraordinary general meeting for Friday, April 10, 2026, at 11:30 a.m. at the registered office in Vadodara. The notice was dispatched to shareholders on March 18, 2026, with the cut-off date set as March 13, 2026.

Authorized Share Capital Increase

Shareholders will vote on increasing the company's authorized share capital from ₹3,50,00,000/- divided into 70,00,000 equity shares to ₹6,00,00,000/- divided into 1,20,00,000 equity shares of ₹5/- face value each. This enhancement will facilitate the proposed preferential issues and future business requirements.

Major Acquisition Through Share Swap

The meeting agenda includes approval for acquiring 100% stake in Radiant Parenterals Limited for ₹4,62,77,500/- through share exchange. The company will issue 46,27,750 equity shares at ₹10/- per share to Radiant's existing shareholders.

Additional Preferential Issue

The agenda also covers issuing 4,60,000 equity shares at ₹10/- per share for cash consideration of ₹46,00,000/- to non-promoter investors, specifically Amitkumar Arunkumar Rao and Amitkumar Arunkumar Rao HUF.

Related Party Transactions and Investment Limits

Shareholders will consider approving related party transactions up to ₹4,62,77,500/- with Radiant Parenterals Limited and its stakeholders. The meeting will also address increasing investment limits under Section 186 of the Companies Act to ₹10 crore for loans, guarantees, and securities.

Regulatory Compliance and Voting Process

The company has appointed Suhas Bhattbhatt as scrutinizer for the voting process. Remote e-voting will be available from April 6, 2026 (9:00 AM) to April 9, 2026 (5:00 PM). The proposals require compliance with SEBI ICDR Regulations and other applicable securities laws, with valuation reports obtained from registered valuer Devang S. Thakar supporting the share exchange ratios.