Rekvina Laboratories open offer: 26% at ₹10 in 2026

What has been announced

Rekvina Laboratories Limited has disclosed to BSE Limited that it received a public announcement for a mandatory open offer, as required under SEBI regulations. The offer is being made by three acquirers - Surbhit Mukesh Shah, Amit Mukesh Shah, and Dhruvalkumar Patel - to buy shares from public shareholders. Vivro Financial Services Private Limited has been appointed as the Manager to the Offer and has submitted a Letter of Offer to BSE for Rekvina’s equity shareholders. The proposed acquisition is up to 28,90,100 fully paid-up equity shares of face value ₹5 each. This represents 26% of the company’s expanded share capital, as stated in the offer documents. The offer price is fixed at ₹10 per equity share and is payable in cash. The maximum consideration, assuming full acceptance, is ₹2.89 crore.

Offer size, pricing and structure

The open offer is described as a mandatory offer under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations. The offer is not conditional upon any minimum acceptance level, which means the acquirers are proceeding without setting a minimum tender threshold. The offer price of ₹10 per share is stated to be determined in line with Regulation 8(1) and 8(2) of the SEBI (SAST) Regulations. The offer also notes that certain shares under lock-in are not permitted to be tendered. BSE Limited is referenced as the designated stock exchange for the acquisition window process. The documentation also indicates that both demat and physical shareholders are eligible to tender shares through the specified mechanism.

Tendering period: multiple dates cited in the documents

The information provided contains more than one tendering schedule. One section states the offer opens on July 1, 2026 and closes on July 14, 2026. Another section of the same information set mentions the offer opens on Thursday, May 14, 2026 and closes on Wednesday, May 27, 2026, and also refers to a tentative payment date of June 11, 2026.

Because different dates are cited within the provided material, shareholders typically rely on the latest exchange filing and the final Letter of Offer for the operative schedule. The core economic terms remain consistent across the descriptions: 28,90,100 shares (26%) at ₹10 per share for a maximum consideration of ₹2.89 crore.

Trigger event: SEPA linked to Radiant Parenterals acquisition

The open offer was triggered by a Share Exchange and Purchase Agreement (SEPA) dated March 16, 2026, as stated in the material. The SEPA involves the acquisition of Radiant Parenterals Limited through a share swap arrangement. The board approved the complete acquisition of Radiant Parenterals Limited through this share exchange agreement. As described, the transaction involves acquiring 18,51,100 equity shares of Radiant Parenterals Limited, representing 100% of Radiant’s equity share capital. The Radiant shares referenced have a face value of ₹10 each, and the acquisition price is stated as ₹25 per share.

Shareholding impact: post-offer holdings and public float issue

The document set provides indicative pre and post transaction holdings for the acquirers. It shows Surbhit Mukesh Shah holding 9,17,607 shares (15.22%) pre-transaction and 24,73,857 shares (22.26%) post-transaction (no tender scenario). Amit Mukesh Shah is shown with 8,27,883 shares (13.73%) pre-transaction and 30,09,133 shares (27.07%) post-transaction (no tender scenario). Dhruvalkumar Patel is shown as Nil pre-transaction and 2,22,562 shares (2.00%) post-transaction (no tender scenario). The combined totals are shown as 17,45,490 shares (28.96%) pre-transaction and 57,05,552 shares (51.33%) post-transaction (no tender scenario).

The same information set also states that upon completion (assuming full acceptance), the acquirers will collectively hold 85,95,652 equity shares (77.33%) of the expanded share capital. It further states that combined with existing promoter group members, total promoter holding would reach 1,00,07,333 shares (90.03%) of the expanded share capital. The acquirers have confirmed an intention to retain the company’s listing status and have stated there are no immediate plans for delisting. However, the material notes that public shareholding may fall below the minimum 25% requirement, which would require compliance with applicable regulations to restore the minimum public float.

Escrow and financial arrangements mentioned

The provided text states that financial arrangements for the offer include an escrow deposit of ₹72.25 lakh (described as 25% of maximum consideration) with ICICI Bank, and that the escrow has been certified as adequate. This is in line with the document’s maximum consideration figure of ₹2.89 crore, which is repeatedly cited for the full offer size at ₹10 per share.

Company disclosure and regulatory framing

Rekvina Laboratories’ disclosure to BSE is dated March 17, 2026 and references receipt of the public announcement under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The offer is described as being triggered and mandatory under Regulations 3(2) and 4 of SEBI (SAST) Regulations, per the provided material. Vivro Financial Services Private Limited is identified as the Manager to the Open Offer across the descriptions.

Registered office update noted alongside the offer

The information also includes an address update for Rekvina Laboratories. It states the company’s registered office as 36, Sampatrao Colony, Next to Royal Hotel, Alkapuri, Vadodara - 390007, Gujarat, India. A previous address is also cited as 328-329, Paradise Complex, 3rd Floor, Sayajigunj, Vadodara - 390005, Gujarat, India. Contact identifiers such as website (www.rekvinalaboratories.in) and email (info@rekvinalaboratories.com) are included in the provided material.

Key facts table

Why this matters for shareholders

For public shareholders, the open offer creates a defined exit option at a disclosed price of ₹10 per share, subject to the final tendering schedule and settlement process described in the offer documents. For the company’s ownership structure, the stated post-offer numbers highlight how control could consolidate, with promoter and acquirer holdings increasing materially if the offer is fully accepted. The mention of potential non-compliance with the 25% minimum public shareholding requirement is important because it points to a regulatory follow-up requirement after the transaction. The offer’s lack of a minimum acceptance condition also affects how shareholders think about participation, since the acquirers are not setting a minimum tender threshold in the offer terms. Separately, the Radiant Parenterals acquisition context explains why the open offer was triggered under takeover regulations.

Conclusion

Rekvina Laboratories’ mandatory open offer seeks up to 26% of expanded capital at ₹10 per share, with a maximum consideration of ₹2.89 crore and Vivro Financial Services as manager. The documents cite different offer windows, and shareholders typically track the latest BSE filings and the final Letter of Offer for the operative timetable and settlement dates.