Detailed Coverage

Anupam Rasayan to Acquire 26% of Bliss GVS Pharma in ₹829 Crore Open Offer

Anupam Rasayan India Limited will acquire up to 26% of Bliss GVS Pharma Limited's expanded voting capital for ₹829.03 crore, at an offer price of ₹299 per share. This follows a share purchase agreement where Anupam Rasayan, along with Mates Visa Consultancy Private Limited, will acquire 43.11% of Bliss GVS Pharma.

Reader Takeaway: Acquisition triggers mandatory open offer; shareholders can exit at a premium.

What just happened

Anupam Rasayan India Limited (Acquirer) and Mates Visa Consultancy Private Limited (PAC) have agreed to buy 43.11% of Bliss GVS Pharma Limited (Target Company). This action triggers a mandatory open offer for up to 26% of Bliss GVS Pharma's voting capital. The offer price is ₹299 per share, valuing the offer size at ₹829.03 crore.

Why this matters

This transaction signifies a change of control for Bliss GVS Pharma. Existing shareholders are presented with an opportunity to sell their shares at ₹299, a premium to potential market prices. Upon completion, Anupam Rasayan and its associate will become the new promoters of Bliss GVS Pharma.

The backstory

Anupam Rasayan India Limited reported strong financial performance in FY26, with revenue at ₹2,365.45 crore and profit after tax (PAT) at ₹222.20 crore. Bliss GVS Pharma also showed growth, with FY26 revenue of ₹927.11 crore and PAT of ₹134.73 crore.

What changes now

The existing promoters of Bliss GVS Pharma will be reclassified into the public category, with Anupam Rasayan and its associate taking over as the new promoters. The open offer period is scheduled from July 28, 2026, to August 10, 2026.

Risks to watch

Shareholders should be aware that if more than 26% of shares are tendered, they will be accepted on a proportionate basis. The open offer could also be withdrawn if certain conditions, like statutory approvals, are not met.

Peer comparison

Both Anupam Rasayan and Bliss GVS Pharma have demonstrated growth in their latest financial year (FY26). Anupam Rasayan's revenue stood at ₹2,365.45 crore with PAT of ₹222.20 crore, while Bliss GVS Pharma had revenue of ₹927.11 crore and PAT of ₹134.73 crore.

Context metrics (time-bound)

• Anupam Rasayan's FY26 revenue: ₹2,365.45 crore (vs FY25: ₹1,436.97 crore)
• Anupam Rasayan's FY26 PAT: ₹222.20 crore (vs FY25: ₹159.97 crore)
• Bliss GVS Pharma's FY26 revenue: ₹927.11 crore (vs FY25: ₹809.73 crore)
• Bliss GVS Pharma's FY26 PAT: ₹134.73 crore (vs FY25: ₹90.26 crore)

What to track next

Investors should monitor the tendering process and ensure they meet the deadlines. The successful completion of the open offer and the subsequent integration of Bliss GVS Pharma under new management will be key factors to watch.