Anupam Rasayan to Buy 74.2% Bliss GVS at ₹299 in 2026

Deal announcement and why the market is watching

Anupam Rasayan India Ltd. has approved a major acquisition that could draw investor attention when the market opens on Monday, May 25. In a stock exchange filing dated May 23, 2026, the company said it will acquire equity shares and control of Bliss GVS Pharma Ltd. The structure combines a negotiated share purchase with a mandatory open offer to public shareholders. The proposed price disclosed for the transaction is ₹299 per share. If completed as laid out, the acquisition can take Anupam Rasayan’s stake in Bliss GVS up to 74.20%.

Board approval: plan to acquire up to 74.20%

The company said its board has approved the acquisition of up to 74.20% of the paid-up equity share capital of Bliss GVS Pharma and control of the company. The stated objective is to expand into pharmaceutical formulations and build an integrated life sciences manufacturing platform. The disclosure describes the outcome as a change of control, which is why the transaction also triggers takeover regulations. The acquisition is positioned as part of Anupam Rasayan’s long-term strategy to build an integrated global life sciences and specialty pharma platform.

Share Purchase Agreement details: 43.30% stake at ₹299

The first leg of the acquisition is a Share Purchase Agreement (SPA) executed on May 23, 2026. Under the SPA, Anupam Rasayan will buy 4,58,03,024 equity shares of Bliss GVS Pharma. This represents 43.30% of Bliss GVS Pharma’s paid-up equity share capital. The agreed price is ₹299 per equity share.

The total consideration for this 43.30% acquisition, as disclosed, is ₹13,69,51,04,176, which equals ₹1,369.51 crore. The sellers include promoter and public shareholders identified under the agreement. The filing also notes that the transaction is subject to regulatory approvals and customary closing conditions.

Call option: scope to raise stake to 48.19%

Alongside the SPA, Anupam Rasayan has a call option to acquire up to 51,81,571 additional equity shares. This additional block represents 4.90% of Bliss GVS Pharma’s equity share capital. If this option is exercised, the stake acquired through the SPA plus the option would rise to 48.19% of the paid-up capital.

This step matters because it expands the base stake even before the open offer, and it helps explain the company’s stated plan to reach up to 74.20% ownership when combined with the open offer component.

Open offer for 26%: mandatory under SEBI takeover rules

The acquisition triggers an open offer obligation under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Following completion of the SPA, Anupam Rasayan plans to make an open offer to acquire up to 26% of the total paid-up equity share capital of Bliss GVS Pharma on a fully diluted basis.

SBI Capital Markets Ltd. has been appointed as the manager to the open offer. The filing frames the open offer as a direct consequence of the change of control contemplated in the transaction documents.

Financing plan: ₹300 crore term loan plus instruments

Anupam Rasayan said the acquisition will be funded through a mix of debt and equity-like instruments. It has arranged a term loan of ₹300 crore. The remaining amount is planned to be met through non-controlling, non-voting equity instruments, as disclosed.

This structure is intended to support the purchase consideration while aligning with the company’s broader plan to build an integrated life sciences and specialty pharma platform.

Control and promoter classification after closing

The company has stated that upon completion of the transaction, and subject to regulatory approvals, Anupam Rasayan will acquire control of Bliss GVS Pharma. It will also be classified as a promoter of the target company. This is a key governance and regulatory milestone because it formally changes who is considered to be in control of Bliss GVS Pharma.

The disclosures emphasise that the intended outcome is not only a financial investment but also a control acquisition.

Timeline: expected completion window disclosed

The transaction is expected to be completed within six months, subject to customary closing conditions. While the disclosures do not provide a detailed step-by-step schedule, the presence of an SPA, a call option, and a mandatory open offer indicates a multi-stage process. Investors typically track such events for regulatory filings, open offer timelines, and completion announcements.

Key deal terms at a glance

Market impact: what changes and what to watch

The filing indicates that the acquisition is aimed at expanding Anupam Rasayan’s presence in pharmaceutical formulations and integrated life sciences manufacturing. Since the acquisition is designed to result in control and promoter status, shareholders may focus on regulatory approvals, the open offer process, and completion milestones.

Separately, the board also recommended a final dividend of ₹1.5 per share (15% of face value), alongside the acquisition approval. For the market, the immediate focus is likely to be on how the acquisition progresses from the SPA to the open offer and closing, given the disclosed six-month expectation.

Conclusion

Anupam Rasayan’s board-approved plan to acquire control of Bliss GVS Pharma combines a 43.30% SPA at ₹299 per share, an option to raise the stake to 48.19%, and a mandatory open offer for up to 26%. If all components proceed as outlined, the total holding can reach 74.20%. The next key updates are expected through regulatory approvals, open offer documentation and subsequent completion disclosures within the stated timeframe.