Anupam Rasayan files ₹299 Bliss GVS open offer 2026

What the SEBI filing is about

Anupam Rasayan India Limited has filed a Draft Letter of Offer with the Securities and Exchange Board of India (SEBI) for a mandatory open offer for Bliss GVS Pharma Limited. The filing relates to a cash offer to acquire up to 2,77,26,848 equity shares of the target company. The offer price has been set at ₹299 per equity share. The open offer represents 26% of the expanded voting share capital of Bliss GVS Pharma. SBI Capital Markets Limited has been appointed as the Manager to the Offer. The Draft Letter of Offer is available on the websites of SEBI and the company.

Trigger for the mandatory open offer

The open offer has been triggered by a Share Purchase Agreement (SPA) executed on 23 May 2026. Under the SPA, Anupam Rasayan has agreed to acquire 4,58,03,024 equity shares of Bliss GVS Pharma. This purchase represents 43.30% of the equity share capital of the target company, as described in the draft filing. The acquisition is from existing promoters and public shareholders, based on the details provided. Because the SPA involves acquisition of a controlling stake, a mandatory open offer to public shareholders follows under the takeover regulations. The stated objective is to complete the transition of control, making Anupam Rasayan the new promoter of Bliss GVS Pharma.

Offer size, price, and total consideration

The open offer is for up to 2,77,26,848 fully paid-up equity shares. The open offer price is fixed at ₹299 per share. Assuming full acceptance, the total consideration works out to ₹829.03 crore. The filing clarifies that the offer is a cash offer to public shareholders, and the percentage is calculated on the expanded voting share capital. The open offer, along with the SPA, sets out the route for Anupam Rasayan to move from an agreed purchase of 43.30% to a broader shareholding after giving public shareholders an exit opportunity at the specified price.

Regulatory basis under SEBI takeover rules

The draft offer document cites Regulation 3(1) read with Regulation 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. These provisions govern mandatory open offers when an acquirer crosses specified ownership or control thresholds. The disclosure that the open offer is being made under these regulations indicates the transaction is structured to align with takeover compliance requirements. The manager to the offer, SBI Capital Markets, is responsible for coordinating the process and disclosures. The company has indicated that the Draft Letter of Offer is publicly accessible, which is typical for transactions where shareholder participation is required.

Key dates investors should track

The tentative schedule in the draft indicates specific dates for the open offer process. The identified date for determining eligible shareholders is 2 July 2026. The tendering period is scheduled to open on 16 July 2026 and close on 29 July 2026. These dates are important for shareholders who want to understand eligibility and when shares can be tendered in the offer window. As the schedule is described as tentative, investors generally track any subsequent updates that may be issued through formal communications under the takeover framework.

Snapshot of the open offer terms

How the SPA and open offer fit together

Alongside the open offer, the SPA provides for acquisition of 4,58,03,024 equity shares, representing 43.30% of the target’s equity share capital. The open offer then provides a route for public shareholders to tender additional shares up to 26% of the expanded voting share capital. In the narrative provided, the transaction is positioned as a control change, with Anupam Rasayan expected to become the new promoter of Bliss GVS Pharma after completion of the process. The draft offer and its availability on SEBI and company websites is a key disclosure step in that process.

Broader context: Anupam Rasayan’s business updates mentioned

The provided information also references other corporate developments around Anupam Rasayan. It mentions that the company signed a 10-year letter of intent valued at $106 million (approximately ₹922 crore) with a Korean multinational for a high-performance niche chemical expected to be supplied from FY26. Separately, it cites multiple letters of intent with Japanese chemical companies, including: ₹743 crore revenue over seven years for two advanced intermediates using fluorination chemistry; $11 million (₹507 crore) over nine years for a polymer intermediate with supply commencing in CY2024; $165 million (₹2,186 crore) over five years for a life science active ingredient with supply to commence from CY2025 after an 18-month validation phase; and USD 182 million (₹1,500 crore) for three high value specialty chemicals. These items provide context on the acquirer’s specialty chemicals business, even as the open offer itself is focused on the takeover process for Bliss GVS Pharma.

Market impact and what shareholders can do next

The filing sets a clear cash exit price of ₹299 per share for shareholders who choose to tender during the open offer window. The key immediate impact for investors is procedural: shareholders need to note the eligibility date and the tendering period in July 2026, and track formal communications for any updates to the schedule. The open offer is also a significant corporate event because it follows an SPA for a 43.30% stake, indicating a change in control. Beyond the open offer price and size, the draft does not provide stock-price movement, post-offer shareholding outcomes, or integration plans, so those should not be assumed. For now, the concrete next step is the open offer timetable as set out in the draft and any subsequent SEBI-related disclosures.

Conclusion

Anupam Rasayan’s Draft Letter of Offer for Bliss GVS Pharma formalises a mandatory open offer at ₹299 per share for up to 26% of the expanded voting share capital, following an SPA dated 23 May 2026 for a 43.30% stake. The tentative schedule puts the shareholder eligibility date at 2 July 2026, with tendering from 16 July to 29 July 2026. Investors will watch for the final offer letter, any updated timelines, and other regulatory disclosures as the process progresses.