Anupam Rasayan buys 43.3% Bliss GVS for ₹1,370 crore

Deal snapshot: SPA signed on May 23, 2026

Anupam Rasayan India Limited has agreed to acquire a 43.30% stake in Bliss GVS Pharma Limited through a Share Purchase Agreement (SPA) dated May 23, 2026. The agreed purchase price is ₹299 per share for 4,58,03,024 equity shares. The total consideration mentioned for this block deal is ₹13,69,51,04,176, which works out to about ₹1,369.51 crore. The transaction involves buying shares from promoter and public shareholders identified as sellers in the SPA. The filings also note that completion is subject to regulatory approvals. Once completed, the deal is expected to change the control and ownership classification of Bliss GVS.

What Anupam Rasayan is buying and from whom

The SPA provides for the sale and transfer of 4,58,03,024 equity shares of Bliss GVS Pharma to Anupam Rasayan. These shares represent 43.30% of the target company’s paid-up equity share capital. The consideration is calculated at a fixed price of ₹299 per equity share. The disclosures describe the sellers as promoter and public shareholders, and the shares are being acquired from identified sellers. This structure indicates that the stake is coming from existing holders rather than being a fresh issuance. The purchase size is large enough to trigger takeover regulations, and it also shifts the balance of control at the listed entity.

Call option for an additional 4.90% stake

Alongside the primary acquisition, the purchaser holds a call option to acquire up to 51,81,571 equity shares. This optional leg represents 4.90% of Bliss GVS Pharma’s equity share capital, as stated in the filing. If the call option is exercised in full, Anupam Rasayan’s total holding would rise to 48.19% of the paid-up capital. The disclosure also states that sellers may retain certain shares. For those retained shares, the purchaser has an option to acquire them later at either the prevailing market price or a floor price of ₹299 per share. These terms suggest a phased path to increase ownership, subject to the contractual and regulatory framework described.

Change of control and promoter classification

Bliss GVS Pharma’s disclosure states that upon completion of the transaction, Anupam Rasayan will acquire control of the company. It also notes that Anupam Rasayan will be classified as a promoter after completion, subject to regulatory approvals. This is a significant corporate event under Indian listed company disclosure standards. Control change typically results in changes to board composition and governance arrangements, though the filing excerpt provided focuses on the acquisition mechanics and regulatory steps rather than specific management actions. The deal’s completion remains conditional on applicable approvals and the completion of processes under takeover rules.

Mandatory open offer triggered under SEBI SAST Regulations

The acquisition triggers an open offer obligation under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. As disclosed, the acquirer will make an open offer to public shareholders of Bliss GVS Pharma to acquire up to 26% of the total paid-up equity share capital on a fully diluted basis. SBI Capital Markets Limited has been appointed as the manager to the offer. The 26% size is consistent with a control acquisition scenario, where additional shares are offered to the public under the takeover code. The details in the excerpt focus on the obligation and the appointment of the manager, rather than the offer price or the timetable.

February 2026: both companies denied market speculation

The May 23, 2026 SPA comes after public clarifications earlier in the year that addressed market speculation. Bliss GVS Pharma issued a clarification regarding a CNBC Awaaz news item dated February 13, 2026 that speculated about a potential acquisition. Bliss GVS said the report appeared speculative and did not originate from any official communication or confirmation by the company. It also stated that, as of that filing date, no decision or arrangement had been crystallized, finalized, or approved by the promoters in relation to the news item. Separately, Anupam Rasayan India Limited also issued a formal clarification on February 13, 2026, stating that no such material event or information existed that warranted disclosure and that it did not wish to comment further on unsubstantiated speculation.

What Bliss GVS Pharma does

Bliss GVS Pharma Limited is engaged in developing, manufacturing, and marketing pharmaceutical formulations. Its product categories include pharma products, other healthcare products, and therapeutic index. The provided excerpt does not include segment-wise financials, plant locations, or export details, but it establishes the company’s operating domain and product breadth at a high level. This context matters because the transaction is a change-of-control event in a formulation-focused pharmaceutical company.

Key facts table

Market impact and why the disclosures matter

From a market-structure standpoint, a 43.30% acquisition accompanied by a mandatory open offer is a high-significance event for minority shareholders. The disclosed structure lays out two distinct routes for ownership change: the negotiated block purchase under the SPA, and the regulated open offer process for public shareholders. The filing also flags optionality through a call option, which is relevant because it can change the eventual holding level if exercised. Separately, the February 13 clarifications highlight how the companies handled media reports and investor communication under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The shift from “speculative” reports in February to a signed SPA in May underlines the importance of relying on stock exchange filings for confirmed developments.

Conclusion

Anupam Rasayan’s May 23, 2026 SPA to acquire 43.30% of Bliss GVS Pharma at ₹299 per share values the block deal at about ₹1,369.51 crore and triggers a mandatory open offer for 26% under SEBI’s takeover rules. The transaction remains subject to regulatory approvals, and SBI Capital Markets is the appointed manager for the open offer process.