Parmax Pharma fundraise: ₹19.28 cr, EGM July 2

Parmax Pharma Ltd (BSE: 540359) is at the centre of a set of corporate actions that combine fresh capital raising with a proposed change in control. The company has approved raising ₹19.28 crore through a preferential issue of equity shares and convertible warrants, with shareholders set to vote on the proposal at an Extraordinary General Meeting (EGM) on July 2, 2026.

Alongside the preferential allotment, an open offer has also been announced to acquire up to 26% of Parmax Pharma’s expanded voting capital. The disclosures in the provided material include differing open offer prices and acquirer details, indicating multiple references or documents related to the open offer process.

Parmax Pharma share price and traded data points

The share price for Parmax Pharma is cited at ₹51.25 as of June 9, 2026. Separately, a market snapshot in the material shows BSE pricing data with an open price of ₹32.10, and a previous close of ₹32.49, with the counter shown down ₹0.39 (-1.2%).

The company is associated with BSE scrip code 540359 and ISIN INE240T01014, under the Pharmaceuticals & Drugs classification. The same material also includes a note stating Parmax Pharma Ltd “is not listed on BSE” and “is not listed on NSE”, which conflicts with the BSE scrip and price screen included. Readers tracking the stock should rely on the official exchange page and company filings for the latest status.

Board clears ₹19.28 crore preferential issue at ₹36.50

Parmax Pharma’s board, in a meeting held on June 8, 2026, approved raising ₹19,28,19,682 through a preferential issue. The plan covers the issuance of both equity shares and convertible warrants to 14 proposed allottees, at an issue price of ₹36.50 per security.

The ₹36.50 price comprises a face value of ₹10 and a premium of ₹26.50 per share or warrant. The company stated that the issue is intended to provide liquidity and fund business operations or expansion, and it is also structured to facilitate a change in corporate control.

Issue structure: shares, warrants, and timelines

The approved issuance includes 31,37,586 equity shares and 21,45,145 convertible warrants. The equity portion aggregates to ₹11,45,21,889, while the warrants aggregate to ₹7,82,97,793, together matching the total planned fundraise of ₹19,28,19,682.

The warrants are exercisable in one or more tranches within 18 months from the date of allotment. The material also specifies that the preferential issue is for cash consideration, with 100% payment for equity shares and 25% upfront payment for warrants, and the remaining 75% payable at the time of conversion.

Change in control: preferential allotment plus open offer

The board documents describe the proposed transactions as being designed to facilitate a change in control. The incoming acquirers are described as seeking majority voting rights through a combination of preferential allotment, secondary acquisition, and a subsequent open offer.

One part of the material says an open offer has been announced to acquire up to 26% of Parmax Pharma’s expanded voting capital at an offer price of ₹42.80 per share, with total consideration of up to ₹10.04 crore by Dhiren and Sunil Shah along with persons acting in concert (PACs).

A separate open offer excerpt in the same material names Shankarappa Nagaraja Vinaya Babu as “Acquirer” (and references “Person Acting in Concert”), and specifies an offer to acquire up to 91,69,632 fully paid equity shares representing 26% of the voting share capital on a fully diluted basis, at ₹62.15 per share.

Independent directors and the SEBI pricing reference date

The Committee of Independent Directors unanimously recommended the preferential issue. The board material notes that Tuesday, June 2, 2026, was determined as the relevant date for pricing floor calculations in accordance with SEBI ICDR Regulations.

This is a key procedural point for preferential allotments because the issue price must comply with the regulatory pricing framework linked to the relevant date.

Authorised capital increase and revised governance documents

Parmax Pharma approved an increase in authorised share capital to accommodate the issuance and provide flexibility. The detailed notice states the authorised share capital is proposed to be increased from ₹6 crore to ₹10 crore (₹6,00,00,000 to ₹10,00,00,000), represented as equity shares of ₹10 each.

The material also includes an earlier line stating that authorised capital would be increased to ₹1000 crore, which differs from the later detailed figure of ₹10 crore. In addition, the company will place the adoption of a new set of Articles of Association (AOA) before shareholders to align with the Companies Act, 2013.

EGM on July 2, 2026: voting window and cut-off date

The EGM is scheduled for Thursday, July 2, 2026, at 11:30 am IST, and will be conducted via video conferencing. Shareholders will be asked to approve the capital increase, preferential issue, and alteration of the Memorandum of Association, along with related items connected to the proposed change in control.

Remote e-voting is scheduled to remain open from June 29, 2026, to July 1, 2026. The cut-off date for determining eligible shareholders is June 25, 2026. Shreyans Jain & Co. has been appointed as scrutinizer for the e-voting process.

Key numbers at a glance

Disclosed proposed allottee holdings (post-issue)

The proposed allottees include Dhiren Chandulal Shah (6,04,190 equity shares and 5,35,715 warrants) and Sunil Chinubhai Shah (91,911 equity shares and 81,494 warrants), among others, taking the total to 14 investors.

The material also states post-preferential allotment shareholding percentages for select allottees: Dhiren Chandulal Shah at 12.63% equity, Abhay Chinubhai Shah at 6.74%, and Umang Alkesh Gosalia at 6.01%.

Company identifiers and registered address

Parmax Pharma’s identifiers in the material include BSE: 540359, ISIN: INE240T01014, and sector classification as Pharmaceuticals. The registered office address listed is Plot No. 20, Survey No. 52, Rajkot-Gondal National Highway No. 27, Hadamtala, Tal. Kotda Sangani, Dist. Rajkot, Gujarat 360311, India, with email shown as info@parmaxpharma.com.

Why investors are tracking these proposals

The combination of a sizable preferential issue, an open offer announcement for 26% of expanded voting capital, and explicit references to a change in control makes the July 2, 2026 shareholder vote a key near-term event for the company.

The next formal milestone in the sequence is the EGM and the completion of the e-voting process. Shareholders will look to the outcome of these approvals and subsequent filings for clarity on the final structure of the fundraise and the control change process.