Parmax Pharma open offer: 26% stake at ₹42.80

What has been announced

Parmax Pharma Ltd has disclosed a set of linked corporate actions that, taken together, point to a change in control. The headline event is a mandatory open offer to public shareholders to acquire up to 26% of the company’s expanded voting capital at a price of ₹42.80 per share. Alongside this, the company has been pursuing a preferential issue of equity shares and convertible warrants to identified allottees described as non-promoter group allottees. The preferential allotment proposal was put to shareholders at an Extraordinary General Meeting (EGM) held on July 2, 2026. According to the provided disclosure, shareholders approved the issuance of 31,37,586 equity shares and 21,45,145 convertible warrants to non-promoters via preferential allotment at this EGM.

Open offer details and who is making it

The open offer has been initiated by Dhiren Chandulal Shah and Sunil Chinubhai Shah, along with persons acting in concert (PACs). The offer is for up to 23,46,250 fully paid-up equity shares, representing 26.00% of Parmax Pharma’s expanded voting share capital. The offer price is fixed at ₹42.80 per equity share, and the maximum total consideration is stated as ₹10.04 crore (assuming full acceptance). The open offer is being made under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Fedex Securities Private Limited is acting as the manager to the offer, and Purva Sharegistry (India) Private Limited has been named as registrar. The disclosure also states that the acquirers have deposited ₹5.20 crore in an escrow account with ICICI Bank Limited, noted as more than 25% of the maximum consideration.

Why the open offer is happening

The disclosures link the open offer to a share purchase agreement and a preferential issue that will trigger a change of control. The stated framework is that a secondary acquisition, the preferential allotment, and the open offer together are intended to facilitate a change in control, with acquirers seeking majority voting rights through these steps. The open offer is described as mandatory and not conditional upon a minimum level of acceptance. It is also stated to be not a competing offer.

Offer price context and trading reference

The offer price of ₹42.80 per share is stated to have been determined in accordance with Regulation 8 of the SEBI (SAST) Regulations. The disclosure notes that the offer price is higher than the volume-weighted average market price of ₹42.79 for the 60 trading days preceding the public announcement. The acquirers have reserved the right to revise the offer price upwards prior to the commencement of the tendering period.

Separately, a market snapshot in the provided information reported Parmax Pharma’s share price at ₹51.25 as of June 9, 2026 (timestamp 14:58 IST), up ₹2.44 (5.00%) on the day.

Preferential issue: size, pricing, and instruments

Parmax Pharma stated that its Board of Directors, at a meeting held on June 8, 2026, approved raising ₹19.28 crore through a preferential issue of equity shares and warrants. The issue price was disclosed at ₹36.50 per security, comprising a face value of ₹10 and a premium of ₹26.50, and the issue was described as being made to 14 proposed allottees from the non-promoter group.

The same set of disclosures also included a break-up of the preferential proceeds, stating that equity shares aggregate to ₹11.45 crore and the warrants aggregate to ₹7.83 crore (together matching the total preferential fund raise figure disclosed). Separately, the provided EGM outcome line states that shareholders approved issuance of 31,37,586 equity shares and 21,45,145 convertible warrants. In another summary embedded in the provided material, the preferential issue is also described as 22,80,444 equity shares and 17,16,574 warrants at ₹36.50 each. The disclosures presented in the input therefore contain more than one set of instrument counts for the preferential issue.

EGM and voting timeline

An Extraordinary General Meeting was scheduled for Thursday, July 2, 2026 at 11:30 am IST via video conferencing. The EGM agenda included seeking shareholder approval for the capital increase, the preferential issue, and alteration of the Memorandum of Association. Remote e-voting was scheduled to be open from June 29 to July 1, 2026, and the cut-off date for determining voting eligibility was stated as June 25, 2026.

Key dates for the open offer

The draft letter of offer included a tentative schedule for key open offer activities, including the identified date, offer opening and closing dates, and expected payment date.

Transaction snapshot: what is known from the disclosures

The following table captures the core disclosed numbers and parties connected to the open offer and related actions.

Company profile and registered office details

Parmax Pharma Ltd is described as having been incorporated in 1994 and as a manufacturer of bulk drugs, drug intermediates, and specialty chemicals. The input also states that the company deals in active pharmaceutical ingredients and contract manufacturing operations, and that it plans to extend activities to formulations such as tablets, ointments, capsules, and injectables.

The registered office address details provided are: Plot No. 20, Survey No. 52, Rajkot-Gondal National Highway No. 27, Hadamtala, Tal. Kotda Sangani, Rajkot, Gujarat 360311. The telephone number listed is 02827-270534, fax 02827-270536, email info@parmaxpharma.com, and website http://www.parmaxpharma.com.

What investors typically track next in such events

From the disclosed timetable, the immediate operational milestones are the start and end of the tendering period (July 30 to August 12, 2026) and the expected completion of payments by August 27, 2026. The disclosures also indicate that the open offer is part of a broader set of steps connected to a change of control, including the share purchase agreement and the preferential issue. Any further updates would typically be reflected through filings and the final letter of offer process under SEBI (SAST) Regulations.