Anupam Rasayan to Acquire Bliss GVS Pharma Stake, Launches Open Offer

Anupam Rasayan India Limited is set to acquire a 43.30% stake in Bliss GVS Pharma Limited for ₹299 per share, triggering a mandatory open offer for an additional 26% of the company's shares.

Reader Takeaway: Acquirer aims for control, offering an exit at ₹299; deal faces approval hurdles.

What just happened

Anupam Rasayan India Limited and Bliss GVS Pharma Limited announced a Share Purchase Agreement (SPA) dated May 23, 2026. Under this agreement, Anupam Rasayan will acquire a 43.30% stake in Bliss GVS Pharma. This acquisition necessitates an open offer to public shareholders for an additional 26% of the company's expanded voting share capital.

Why this matters

This transaction will result in a change of control for Bliss GVS Pharma, with Anupam Rasayan becoming the new promoter. Public shareholders of Bliss GVS Pharma are offered an exit route at ₹299 per share. Anupam Rasayan has indicated no plans to delist Bliss GVS Pharma post-acquisition.

The backstory

Bliss GVS Pharma, with revenues of ₹927.11 crore and Profit After Tax (PAT) of ₹134.73 crore in FY 2026, operates in the pharmaceutical sector. Anupam Rasayan, a specialty chemicals company, reported revenues of ₹2,365.45 crore and PAT of ₹222.20 crore in the same fiscal year. This acquisition marks a strategic move for Anupam Rasayan to gain control in the pharma space.

What changes now

Upon successful completion of the SPA and the open offer, Anupam Rasayan will hold a controlling stake in Bliss GVS Pharma. The current promoters of Bliss GVS Pharma will be reclassified into the public category. The open offer is a crucial step for Anupam Rasayan to consolidate its shareholding.

Risks to watch

The entire transaction is subject to the fulfillment of certain conditions precedent stipulated in the SPA, including obtaining necessary statutory approvals. Failure to secure these approvals could lead to the termination of the SPA and withdrawal of the open offer.

Peer comparison

Bliss GVS Pharma reported FY26 revenues of ₹927.11 crore and PAT of ₹134.73 crore. Anupam Rasayan, the acquirer, had FY26 revenues of ₹2,365.45 crore and PAT of ₹222.20 crore. The offer price of ₹299 per share values Bliss GVS Pharma at approximately ₹3,196.23 crore based on the current 74% public float, with the maximum consideration for the 26% open offer being ₹829.03 crore.

Context metrics (time-bound)

The open offer will open for tendering on July 16, 2026, and close on July 29, 2026. The final payment of consideration to shareholders is scheduled for August 12, 2026. An identified date for share eligibility is July 2, 2026.

What to track next

Investors should closely monitor the progress of obtaining statutory approvals for the SPA. Shareholders interested in participating in the open offer should ensure timely coordination with their brokers for the tendering process. Any further announcements regarding the status of the SPA conditions will be critical.