Specialty chemicals maker Anupam Rasayan India has signed a definitive Share Purchase Agreement dated May 23, 2026, to acquire 43.30% stake in pharmaceutical formulations company Bliss GVS Pharma Ltd for an estimated ₹1,369.51 crore. The transaction involves the purchase of 4,58,03,024 equity shares at ₹299 per share from promoter and public shareholders, with an option to buy an additional 4.90% stake (up to 51,81,571 equity shares) that would bring the total acquisition to 48.19% of the paid-up capital. As reported by Business Standard, Managing Director Anand Desai confirmed the company has entered into a definitive agreement to acquire 43.3-48.2% equity stake and make an open offer to public shareholders. The acquisition has now triggered a mandatory open offer under Indian takeover regulations, with SBI Capital Markets Limited appointed as the manager to the open offer.
The acquisition will be funded through a ₹300 crore term loan, with the remaining amount financed via a non-controlling, non-voting equity instrument. According to the regulatory filing, this strategic move will strengthen Anupam Rasayan's presence across the pharmaceutical value chain, spanning key starting materials to finished dosage formulations. Desai emphasized that this acquisition will strategically strengthen the company's presence across the pharmaceutical value chain, spanning key starting materials to finished dosage formulations.
Bliss GVS Pharma, listed on both NSE and BSE, develops and exports a range of formulations including suppositories, tablets, capsules and injectables. As reported by Business Standard, the company, established in 1984, holds EU-GMP certification and operates manufacturing facilities in Maharashtra and Daman with approvals from the USFDA and the World Health Organization. The company maintains a portfolio of over 150 branded formulations and is among India's largest manufacturers of suppositories and pessaries, with a strong presence across Africa, Asia, and Latin America. For financial year 2025-2026, the company reported a turnover of ₹1,000.64 crore and net worth of ₹1,231.76 crore as on March 31, 2026, exporting to over 60 countries with significant presence in Sub-Saharan Africa.
Upon completion of the transaction, subject to regulatory approvals, Anupam Rasayan will acquire control of Bliss GVS Pharma and be classified as a promoter. The acquisition triggers an open offer obligation under SEBI regulations, with the acquirer making an open offer to public shareholders to acquire up to 26% of the total paid-up equity share capital on a fully diluted basis. The open offer for 2,77,26,848 fully paid-up equity shares of face value ₹1 each represents a substantial stake and underscores Anupam Rasayan's intent to deepen its presence in the pharmaceutical space via inorganic growth. The sellers include promoter group members Mr. Narsimha Shibroor Kamath, Dr. Vibha Gagan Sharma, and Ms. Shruti Vishal Rao, as well as public shareholders Mr. Gautam Rasiklal Ashra, Mr. Arjun Gautam Ashra, and M/s. Gulbarga Trading and Investment Private Limited.
According to Anupam Rasayan, the combined entity would create an integrated pharmaceutical manufacturing platform with deeper backward integration and expanded reach in regulated markets, including Europe and the United States, aided by its earlier acquisition of Jayhawk. The acquisition is expected to enhance the acquirer's footprint in the pharmaceutical value chain and leverage Bliss GVS's niche dosage forms and international market reach. The company reported strong financial performance with a 40% jump in consolidated net profit to ₹222.19 crore for fiscal year 2025-26, up from ₹159.9 crore a year earlier. For existing investors, the transaction may offer an exit opportunity at the offer terms while signaling a possible shift in control dynamics and future governance at Bliss GVS Pharma, subject to regulatory processes and shareholder participation in the offer.
