Anupam Rasayan India Limited announces an acquisition

Anupam Rasayan India Limited's open offer for Bliss GVS Pharma Limited is set at an offer price of Rs 299.00 per share, targeting up to 2,77,26,848 fully paid-up equity shares (representing 26.00% of the expanded voting share capital) ^[1].

Key Open Offer Terms

• Offer Price: Rs 299.00 per equity share of face value Re 1 ^[1].
• Acquisition Size: Up to 2,77,26,848 equity shares, representing 26.00% of the expanded voting share capital ^[1].
• Nature of Offer: Cash offer made pursuant to Regulations 3(1) and 4 of SEBI (SAST) Regulations, and is not a conditional offer subject to any minimum level of acceptance ^[1].

Comparison to 60-Day VWAP

The volume-weighted average market price (VWAP) of Bliss GVS Pharma shares for the 60 days preceding the public announcement is not explicitly disclosed in the retrieved draft letter of offer or supplementary news filings.

Strategic Context

The open offer forms part of Anupam Rasayan's broader transaction to acquire up to a 74.2% stake in Bliss GVS Pharma for an estimated total value of approximately Rs 21.98 billion ^[2]. This deal aims to integrate Anupam Rasayan's starting materials with Bliss GVS Pharma's formulation pipeline, creating a vertically integrated pharmaceutical platform focused on regulated markets ^[3], ^[2].

Based on the disclosures in the Open Offer documentation for the acquisition of Bliss GVS Pharma Limited by Anupam Rasayan India Limited together with Mates Visa Consultancy Private Limited (PAC) ^[4]:

• Total Financial Outlay: The Open Offer is for the acquisition of up to 2,77,26,848 equity shares, representing 26.00% of the expanded voting share capital of the target company ^[4], at an offer price of Rs 299.00 per share ^[4]. At full acceptance, the maximum total financial outlay is derived at approximately Rs 829.03 Crores (derived from ^[4] and ^[4]).
• Financing Arrangements: The pre-offer advertisements and corrigenda confirm that the financial arrangements and offer price have been structured in compliance with Regulation 8 and applicable provisions of the SEBI (SAST) Regulations, directing readers to Section VI ("Offer Price and Financial Arrangement") of the Letter of Offer ^[5]. However, specific operational figures regarding escrow account balances, cash deposits, or bank guarantees are not separately detailed in the retrieved text snippets ^[6].

The final observations from SEBI on the Draft Letter of Offer were received via SEBI's letter dated July 10, 2026, under Regulation 16(4) of the SEBI (SAST) Regulations ^[4]. Official disclosures state that the transaction and open offer are subject to conditions precedent and standard regulatory compliance, with no separate major statutory or governmental approvals explicitly pending for the consummation of the underlying transaction and open offer ^[7].

Revised Indicative Timeline for the Tendering Period

As per the pre-offer advertisement and corrigendum published on July 27, 2026, the schedule for the open offer tendering period is revised as follows:

• Offer Opening Date (Commencement of Tendering Period): Tuesday, July 28, 2026 ^[6]
• Offer Closing Date (Closure of Tendering Period): Monday, August 10, 2026 ^[6]
• Last Date for Payment of Consideration and Return of Unaccepted Shares: Monday, August 24, 2026 ^[6]
• Last Date for Post-Offer Public Announcement and Filing with SEBI: Tuesday, September 1, 2026 ^[6]