Bliss GVS Pharma: Anupam Rasayan takes 50% stake in 2026

Board notes promoter reclassification to public

Bliss GVS Pharma Limited said on September 28, 2026, that its board took note of the reclassification of the erstwhile promoter and promoter group members to the “public” category. The update follows a change in control after Anupam Rasayan India Limited and Mates Visa Consultancy Private Limited, acting as a person acting in concert (PAC), acquired a large equity stake. The company linked the reclassification to the completion of the acquisition of control by the acquirer group.

What changed: control moves to Anupam Rasayan and PAC

The change in control stems from the acquisition of 5,09,84,595 equity shares by the PAC. This block represents 47.95% of Bliss GVS Pharma’s equity share capital. The purchase was executed pursuant to a share purchase agreement dated May 23, 2026, along with a deed of adherence dated July 17, 2026. After subsequent steps, the combined holding of Anupam Rasayan and the PAC crossed the 50% mark, taking the group’s aggregate shareholding to 50.07%.

Formal SEBI SAST disclosure filed on September 30

A formal disclosure filed on September 30, 2026, under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, provided a detailed shareholding breakdown. Prior to the primary acquisition, Anupam Rasayan India Limited held 22,51,669 shares, representing 2.12% of the paid-up capital. This initial holding included 1,669 shares acquired through an open offer and 22,50,000 shares purchased through an on-market transaction on September 28, 2026.

On-market top-up: 22.5 lakh shares bought at ₹723.2883

Anupam Rasayan disclosed that it acquired an additional 22,50,000 equity shares of Bliss GVS Pharma through an on-market transaction. The price disclosed for this on-market purchase was ₹723.2883 per equity share. The transaction represents about 2.12% of Bliss GVS Pharma’s paid-up equity share capital. The on-market buying was also reported with a consideration figure of ₹162.74 crore for the 22.5 lakh shares.

SPA block deal: 5.098 crore shares acquired at ₹299

The largest step in the transaction was the acquisition of 5,09,84,595 equity shares (47.95%) pursuant to the share purchase agreement route. The controlling stake was described as being acquired at ₹299 per share, alongside an open offer and a small on-market top-up. The actual purchase of 5,09,84,595 shares took place on September 28, 2026. Separate disclosures from earlier in the process also referenced a proposed acquisition of around 43.28% for ₹1,369 crore, subject to approvals and closing conditions.

Open offer details: small acceptance, mandatory process completed

Anupam Rasayan also completed the mandatory open offer process for Bliss GVS Pharma. The open offer completion details showed that the company acquired 1,669 fully paid-up equity shares at an offer price of ₹299 per share. The total consideration paid for these 1,669 shares was ₹4,99,031, and it was described as representing 0.00% of the expanded voting share capital. In the broader offer structure, the open offer was described as a cash offer for up to 26.00% of the expanded voting share capital, covering up to 2,77,26,848 equity shares at ₹299 per share, with total consideration of ₹829.03 crore assuming full acceptance.

Post-acquisition shareholding and promoter status

After the SPA acquisition and the subsequent purchases, the combined holding of Anupam Rasayan (Acquirer) and Mates Visa Consultancy Private Limited (PAC) stood at 5,32,36,264 equity shares, or 50.07% of Bliss GVS Pharma’s equity share capital. With this, Anupam Rasayan and the PAC gained control of Bliss GVS Pharma. The acquirer group has been designated as the promoters effective September 28, 2026. The acquisition was also described as being executed through Mates Visa Consultancy Private Limited, identified as a wholly owned subsidiary.

Deal value and funding: ₹1,750 crore total cost cited

Anupam Rasayan said it completed the acquisition of a 48.2% controlling stake in Bliss GVS Pharma for ₹1,750 crore, positioning it as an entry into finished dosage formulations. The total cost of acquisition was stated as about ₹1,750 crore, including ₹50 crore in acquisition-related expenses. For funding, the company indicated the acquisition would be supported by a ₹300 crore term loan, with the remaining amount financed via a non-controlling, non-voting equity instrument.

Bliss GVS Pharma business context shared in disclosures

Bliss GVS Pharma was described as being founded in 1984 and selling more than 150 brands. The therapies mentioned include anti-malarial, anti-fungal, anti-bacterial, anti-inflammatory, anti-diabetic, and cardiovascular. The company operates six manufacturing facilities in Maharashtra. The facilities were described as certified to USFDA, EU-GMP, and WHO-GMP standards, and the company was described as India’s first EU-GMP certified suppositories maker.

Key numbers table

Market impact: what the filings imply for investors

The central market-relevant outcome is the confirmed change of control, with Anupam Rasayan and the PAC moving to a majority position at 50.07%. The disclosures also show three distinct price points that investors are likely to track: ₹299 per share for the SPA and open offer, and ₹723.2883 per share for the on-market top-up of 22.5 lakh shares. The open offer structure referenced up to 26% for public shareholders, though the completion disclosure cited only 1,669 shares being acquired through that route. For Bliss GVS Pharma, the board’s note on reclassification of the erstwhile promoter group to the public category is an important governance and ownership marker that follows the majority stake transfer.

Why the control transaction matters

The transaction links a specialty chemicals maker with a formulations company, with Anupam Rasayan describing the deal as a push into finished dosage formulations. The multi-step path is also a clear example of how an SPA-triggered change of control can lead to an open offer under SEBI’s takeover regulations. With promoter status effective September 28, 2026, subsequent corporate disclosures and governance updates from Bliss GVS Pharma are likely to be read through the lens of the new controlling shareholder group.

Conclusion

Bliss GVS Pharma’s September 28 board update and the September 30 SAST disclosure together confirm a completed change in control and promoter reclassification. Anupam Rasayan and its PAC now hold 50.07% of Bliss GVS Pharma after the SPA acquisition, open offer completion, and an on-market top-up. The next formal markers for investors will be any additional exchange filings tied to the new promoter group’s governance actions and post-acquisition integration steps, as and when disclosed.