Surbhit Mukesh Shah, Amit Mukesh Shah, and Dhruvalkumar Patel have completed their open offer for Rekvina Laboratories Limited , accepting 14,41,863 equity shares at ₹10 per share. The offer, mandated under Regulation 3(2) and 4 of the Securities and Exchange Board of India (Substantial Acquisitions of Shares and Takeovers) Regulations, 2011, was only partially subscribed, with shareholders tendering shares worth ₹1,44,18,630 against a proposed size of ₹2,89,01,000. This outcome solidifies the acquirers’ control while leaving a significant portion of the target’s equity in public hands.

The open offer opened on July 1, 2026, and closed on July 14, 2026. Vivro Financial Services Private Limited acted as the Manager to the Offer, and Purva Sharegistry (I) Private Limited served as the Registrar. Consideration for the accepted shares was paid on July 23, 2026. The transaction follows a Share Exchange and Purchase Agreement (SEPA) dated March 16, 2026, which triggered the obligation to make the open offer.

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 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, representing 64.30% of the expanded share capital. 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% but remains substantial.

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.

The open offer by acquirers Surbhit Mukesh Shah, Amit Mukesh Shah, and Dhruvalkumar Patel to acquire up to 28,90,100 equity shares, representing 26% of the expanded share capital of Rekvina Laboratories Limited , opens on July 1, 2026. The offer price is fixed at ₹10 per equity share, payable in cash, with a maximum consideration of ₹2.89 crore. Vivro Financial Services Private Limited has been appointed as the Manager to the Offer. The tendering period closes on July 14, 2026.

The Committee of Independent Directors approved the recommendation on June 24, 2026, stating the offer price is fair and reasonable in terms of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. However, the committee noted that the closing market price on BSE Limited as on June 23, 2026, was ₹37.45 per equity share, significantly higher than the offer price. Public shareholders have been advised to independently evaluate the open offer.

The offer is made pursuant to Regulations 3(2) and 4 of the SEBI (SAST) Regulations and is not conditional upon any minimum level of acceptance. The acquisition is aimed at expanding the company's presence by integrating operations with Radiant Parenterals Limited. The Board of Directors approved the execution of the Securities Exchange and Purchase Agreement (SEPA) on March 16, 2026, for the acquisition of 18,51,100 equity shares of Radiant Parenterals Limited at ₹25 per share, aggregating to ₹4.62 crore.

SEBI issued its observations on the Draft Letter of Offer on June 12, 2026, and the comments have been incorporated into the Letter of Offer dated June 20, 2026. Material changes include the addition of Dhruvalkumar Patel as an acquirer and disclosures regarding contingent liabilities. The document confirms that as on March 31, 2026, there are no contingent liabilities of the target company. Additionally, two FIRs have been registered against Acquirer 1 and Acquirer 2, which the acquirers state are unrelated to the open offer and do not affect their ability to complete it.

Offer Details