According to the latest reports, Anupam Rasayan India Ltd has designated Mates Visa Consultancy Private Limited as a person acting in concert (PAC) for its open offer to acquire 26% of the expanded voting share capital of Bliss GVS Pharma Ltd. This designation follows Anupam Rasayan's acquisition of 100% of the equity share capital of Mates Visa Consultancy on July 17, 2026, making it a wholly-owned subsidiary. Mates Visa Consultancy, incorporated on May 25, 2022, is an unlisted private company engaged in immigration, visa, and overseas education consultancy services with its registered office in Karnal, Haryana.
According to reports from CNBC TV18, Anupam Rasayan India Ltd has dispatched the Letter of Offer for its mandatory open offer to acquire up to 2.77 crore shares, representing 26% of the expanded voting share capital of Bliss GVS Pharma Ltd at ₹299 per share. The cash offer is being made by Anupam Rasayan India Ltd, together with Mates Visa Consultancy Private Limited, acting as the person acting in concert (PAC), in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
As reported by CNBC TV18, based on the offer size and offer price, the open offer is valued at approximately ₹829 crore. The tendering period will commence on July 28, 2026, and conclude on August 10, 2026. The last date for communicating acceptance or rejection and completing payment of consideration or returning shares is August 24, 2026. The company clarified that the offer is not a conditional offer under the takeover regulations and is not subject to any minimum level of acceptance.
According to the latest financial data, Mates Visa Consultancy reported a net loss of ₹0.0007 crore for the year ended March 31, 2026. The company's revenue from operations stood at ₹0.3140 crore for FY26, compared to ₹0.2942 crore in FY25 and ₹0.2845 crore in FY24. The entity has an authorised, issued, and paid-up share capital of ₹10,000 divided into 1,000 equity shares of ₹10 each. Notably, the PAC does not hold any equity shares in Bliss GVS Pharma Limited, and its securities are not listed on any stock exchange.
According to CNBC TV18, shares of Anupam Rasayan India Ltd ended at ₹1,264.55, down by ₹3.70, or 0.29%, on the BSE on the day of the announcement. The company said eligible shareholders whose names appeared on the identified date of July 14, 2026, were dispatched the Letter of Offer on July 21, 2026. The move aligns with the acquirer's right to identify or designate persons acting in concert under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
As reported by CNBC TV18, if the number of validly tendered shares exceeds the offer size, the shares will be accepted on a proportionate basis, subject to the acquisition limit of 2.77 crore shares. The offer price may be revised upward in accordance with the takeover regulations or at the discretion of the acquirer and the PAC before the prescribed timeline. If revised, the same price will be payable for all shares tendered during the offer period. The addendum was published in the Financial Express, Jansatta, and Navshakti newspapers, with SBI Capital Markets Limited issuing the addendum on behalf of the acquirer.
