Anupam Rasayan open offer: ₹299 bid for Bliss GVS (2026)

SEBI filing sets formal process in motion

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 in Bliss GVS Pharma Limited. The open offer is to acquire up to 2,77,26,848 fully paid-up equity shares, which represents 26.00% of the expanded voting share capital of Bliss GVS Pharma. The offer price is fixed at ₹299 per share. Assuming full acceptance, the total consideration for the open offer is ₹829.03 crore.

The filing follows a share purchase agreement (SPA) dated May 23, 2026, under which the acquirer agreed to buy a controlling stake from existing shareholders. The transaction is being undertaken under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SEBI SAST).

What triggers the open offer

The mandatory open offer is triggered by Anupam Rasayan’s SPA to acquire 4,58,03,024 equity shares of Bliss GVS Pharma. This represents 43.30% of the target company’s equity share capital and 42.95% of the expanded voting share capital, as disclosed.

The sellers include promoter sellers (Shruti Vishal Rao, Vibha Gagan Sharma, and Narsimha Shibroor Kamath) and non-promoter sellers (Gautam Rasiklal Ashra, Arjun Gautam Ashra, and Gulbarga Trading and Investment Private Limited). The SPA price is stated to not exceed ₹299 per share. The disclosures also refer to an additional call option for up to 51,81,571 option shares, representing 4.90% of the equity share capital.

Control and promoter reclassification

On completion of the underlying transaction and the open offer, Anupam Rasayan will gain control over Bliss GVS Pharma and will be designated as the promoter. The existing promoter group will be reclassified as public shareholders, as per the stated structure of the transaction.

This is an important change from a governance and ownership standpoint because the open offer is not just a secondary purchase. It is positioned as the final leg to complete the transition of control following the SPA.

Offer size, capital base, and key mechanics

The open offer is for 26.00% of Bliss GVS Pharma’s expanded voting share capital. The expanded voting share capital is stated as 10,66,41,722 equity shares, which includes 10,57,88,972 outstanding shares and 8,52,750 employee stock options.

The open offer is not conditional upon any minimum level of acceptance. As of the disclosure date in the provided material, no statutory approvals were required for the acquirer.

Pricing: why ₹299 per share

The offer price of ₹299 per share is disclosed as being determined under Regulation 8(2) of the SEBI (SAST) Regulations. It is described as the highest of the negotiated price under the SPA and the volume weighted average market price.

With the SPA price also stated to not exceed ₹299 per share, the open offer has been structured at the same price point for public shareholders.

Escrow and funding plan disclosed

To secure the open offer, Anupam Rasayan has deposited ₹160 crore into an escrow account maintained with Axis Bank Limited.

On funding arrangements, the acquirer has disclosed the following resources:

• Cash and cash equivalents of ₹394 crore (as of March 31, 2026)
• Callable money including bank limits of ₹644 crore
• A non-binding high confidence letter for potential acquisition financing of ₹2,000 crore

Separately, one disclosure in the provided material also states the acquisition will be funded through a ₹300 crore term loan, with the remaining amount financed via a non-controlling, non-voting equity instrument.

Timeline: key dates investors should track

The tentative schedule lays out the dates that matter for shareholder participation.

Parties and intermediaries in the offer

The filing and process include multiple intermediaries disclosed in the offer documents. SBI Capital Markets Limited is the manager to the offer, with SEBI registration number INM000003531. MUFG Intime India Private Limited is disclosed as the registrar to the offer. Axis Bank Limited is disclosed as the escrow agent.

The target company is Bliss GVS Pharma Limited, which has also acknowledged receipt of the public announcement dated May 23, 2026 through its company secretary and compliance officer.

Market context: valuation markers and sentiment signals

The provided material mentions that Bliss GVS Pharma touched a fresh 52-week high of ₹447 on June 3, 2026, while its 52-week low was ₹118 on November 10, 2025. These figures frame the stock’s trading range over the past year.

The disclosures also describe investor sentiment as being boosted after the announcement of Anupam Rasayan’s plan to acquire up to 74.2% stake through the promoter stake purchase and the open offer. The same set of details refers to the overall deal value at approximately ₹2,198 crore.

Operational update at Bliss GVS: WHO GMP confirmation

Bliss GVS Pharma has received an inspection closure report from the World Health Organization (WHO) confirming that its Palghar manufacturing facility complies with international Good Manufacturing Practice (GMP) standards. The disclosure states this strengthens the company’s credibility in global pharmaceutical markets and can support participation in WHO-backed tenders and government healthcare programs.

Key numbers at a glance

Why this matters for shareholders

For Bliss GVS Pharma shareholders, the open offer provides a defined liquidity window at a stated price during the tendering period from July 16 to July 29, 2026. For Anupam Rasayan, the process is designed to meet takeover regulations while transitioning from a stake purchase to formal control of the target company.

The next milestones are procedural but important: the identified date (July 2, 2026) for determining eligible shareholders, followed by the tendering window and the payment timeline ending August 12, 2026.