Bliss GVS Pharma announces an acquisition

The mandatory open offer covered up to 2,77,26,848 equity shares, representing 26.00% of Bliss GVS Pharma’s expanded voting share capital, at an offer price of Rs 299 per share ^[1].

Under Regulation 8(2) of the SEBI (SAST) Regulations, the offer price was set at the higher of the negotiated SPA price and the 60-trading-day VWAP preceding the public announcement ^[2]. Therefore:

• Offer price: Rs 299 per share.
• Exact 60-day VWAP: not disclosed in the cited offer material.
• Comparison: Rs 299 was at least equal to, and potentially higher than, the 60-day VWAP; the precise premium or discount cannot be calculated without the VWAP figure.

For clarity, the subsequent completed transaction resulted in the acquirer holding 22,51,669 shares—1,669 shares from the open offer and 22,50,000 shares acquired on-market—while the PAC acquired 5,09,84,595 shares. Together, the acquirer and PAC held 5,32,36,264 shares, or 50.07%, after completion on 28 September 2026 ^{[3] [3]}.

Post-acquisition, Anupam Rasayan and its persons acting in concert would hold 43.30% of Bliss GVS Pharma’s expanded voting share capital; this could rise to 48.20% if the additional call-option shares are acquired. If the mandatory open offer is fully accepted, the promoter/promoter-group holding could reach 69.30% in the base case or 74.20% at the maximum acquisition level. The open-offer outcome is not guaranteed because it depends on shareholder tenders. ^[4]

The existing Bliss GVS promoter group would cease to be in control and would be reclassified as public shareholders, while Anupam Rasayan would become the new promoter and controlling shareholder upon completion of the underlying acquisition. ^[2]

On governance, the disclosed transaction establishes a change in ownership and control, but the cited regulatory disclosure does not indicate an immediate change to the existing board composition or day-to-day management. Accordingly, the immediate change is promoter/control status; any board reconstitution or management replacement would require a separate decision and disclosure. The filing material available here does not provide a named list of immediate board changes. ^[5]

Yes. The open-offer documentation was filed: the record includes the Public Announcement/Detailed Public Statement and the final Letter of Offer dated 18 July 2026. The company’s open-offer page lists both documents, along with the draft LoF and addendum ^[6].

The stated timeline was:

• Identified date: 2 July 2026
• Offer opening: 16 July 2026
• Offer closing: 29 July 2026
• Payment of consideration/refund: 12 August 2026 ^[5]

The mandatory offer covered up to 2,77,26,848 equity shares, or 26% of expanded voting share capital, at Rs 299 per share. The maximum financial outlay, assuming full acceptance, was Rs 829.03 Crores — precisely Rs 829,03,27,552 ^[1].

This is the open-offer consideration only; it excludes the separate consideration for the underlying acquisition from the existing shareholders. The subsequent change-in-control filing records that the offer process and underlying transaction were completed, with the acquirer and PAC collectively holding 50.07% as of 28 September 2026 ^[3].