Anupam Rasayan to buy 43.3% Bliss GVS in 2026

Deal announcement: what happened

Specialty chemicals maker Anupam Rasayan India said it has signed an agreement to acquire up to a 43.3 per cent stake in Bliss GVS Pharma Ltd, a pharmaceutical formulations company. The proposed purchase is valued at ₹1,369.51 crore, according to a statement and a late-night regulatory filing. Alongside the stake purchase, the Surat-based company said it will launch a mandatory open offer to acquire a further 26 per cent from public shareholders. The transaction price for both the stake acquisition and the open offer has been set at ₹299 per share. The development links two listed companies from different segments, with Anupam Rasayan moving beyond its core specialty chemicals footprint.

Who is involved in the transaction

Anupam Rasayan India, headquartered in Surat, is the acquirer in the transaction. The target is Bliss GVS Pharma Ltd, described in the filing as a pharmaceutical formulations company. The announcement was carried by a regulatory disclosure made late at night, and also referenced in a statement from New Delhi dated May 24 (PTI). While the filing details the stake size, price, and funding structure, it does not provide operational or integration plans. The disclosure focuses on the deal mechanics and the mandatory open offer requirement.

What Anupam Rasayan is buying

Anupam Rasayan said it will acquire a 43.3 per cent stake in Bliss GVS Pharma. The company also indicated, through a management statement, that it has entered into a definitive agreement to acquire a 43.3-48.2 per cent equity stake. This range is notable because it signals the agreement could result in ownership beyond the initial 43.3 per cent, depending on the structure and completion conditions. The filing does not provide further breakdown of how the upper end of 48.2 per cent would be reached. The key confirmed number in the announcement remains the 43.3 per cent stake tied to the ₹1,369.51 crore consideration.

Open offer: additional 26% from public shareholders

As part of the transaction, Anupam Rasayan will make a mandatory open offer for an additional 26 per cent stake in Bliss GVS Pharma. The open offer will be made to public shareholders at the same price of ₹299 per share. This step is positioned as a regulatory requirement linked to the acquisition of a significant stake. The announcement does not specify the timetable for the open offer, nor does it provide the total potential cash outlay if the open offer is fully subscribed. It also does not state the expected post-offer ownership outcome beyond the stake ranges mentioned.

Pricing and valuation: ₹299 per share

The acquisition price has been set at ₹299 per share for the 43.3 per cent stake purchase as well as for the 26 per cent open offer. Anupam Rasayan pegged the value of the 43.3 per cent acquisition at ₹1,369.51 crore. No additional valuation multiples, financial metrics, or rationale were included in the provided text. The disclosure also does not mention whether the price includes any premium to previous market prices. What is clear from the filing is that the transaction uses a single stated price for both the negotiated stake and the public open offer.

Funding plan: term loan plus equity instrument

Anupam Rasayan said the acquisition will be funded through a ₹300 crore term loan. The remaining amount will be financed via a non-controlling, non-voting equity instrument. The filing does not name the lender for the term loan or specify the maturity, interest rate, or covenants. It also does not elaborate on the issuer, subscriber, or detailed structure of the non-controlling, non-voting equity instrument. Still, the combination indicates that the company is not relying solely on traditional debt for the full ₹1,369.51 crore outlay related to the initial 43.3 per cent acquisition.

Management commentary and disclosures

Anupam Rasayan India Managing Director Anand Desai confirmed the agreement and the open offer plan in the announcement. He said the company has entered into a definitive agreement to acquire a 43.3-48.2 per cent equity stake and is making an open offer to public shareholders of Bliss GVS Pharma. The statement, as shared, does not include additional quotes about strategic intent, synergies, or operational changes. The disclosure is focused on the transaction structure and the compliance requirement of the open offer.

Why this matters for investors

The transaction is a notable corporate action because it involves a specialty chemicals company taking a sizable stake in a pharmaceutical formulations company. For investors, the key immediate variables are the acquisition price of ₹299 per share, the size of the initial stake at 43.3 per cent, and the open offer size of 26 per cent at the same price. The funding mix also matters, with ₹300 crore coming via a term loan and the balance via a non-controlling, non-voting equity instrument. The announcement does not provide forward guidance on financial impact, timelines for completion, or expected post-transaction governance.

Key deal terms at a glance

Conclusion

Anupam Rasayan’s late-night filing lays out a clear transaction structure: a 43.3 per cent purchase in Bliss GVS Pharma for ₹1,369.51 crore at ₹299 per share, followed by a mandatory open offer for a further 26 per cent at the same price. The company has also referenced a potential stake range of 43.3-48.2 per cent through the definitive agreement. Funding is planned through a ₹300 crore term loan and a non-controlling, non-voting equity instrument for the remaining amount. The next key milestones, as implied by the announcement, will be the formal open offer process and subsequent regulatory and shareholder-related steps tied to completion.