A deal both companies brushed off as “speculation” in February is now signed — and Bliss GVS shareholders have a number to weigh.
Anupam Rasayan India has agreed to buy up to 43.3% of Bliss GVS Pharma for roughly ₹1,369 crore, its deepest step yet from specialty chemicals into pharmaceutical formulations.
The detail worth pausing on is the timing. Back in February, both companies told the stock exchanges that reports of any such transaction were merely speculative. (Source: ScanX / Reuters)
What Changed at Anupam Rasayan
The board approved the acquisition on 23 May 2026. Under the share purchase agreement, Anupam Rasayan picks up about 4.58 crore shares — 43.3% of Bliss GVS Pharma — at ₹299 apiece, with an option on a further 4.9%. A mandatory open offer for up to 26% of public shareholders follows at the same ₹299, worth around ₹829 crore, taking the targeted holding to as much as 74.2%. The company has framed the move as extending its contract-manufacturing reach into regulated markets, pointing to Bliss GVS’s low 30% capacity utilisation. (Source: Business Upturn / ScanX)
The Numbers Behind the ₹299 Price
For FY26, Bliss GVS reported revenue of about ₹927 crore and net profit of ₹135 crore, up from ₹810 crore and ₹90 crore a year earlier, with zero net debt and ₹167 crore in cash. The ₹299 offer sits above the stock’s early-May traded range near ₹270, giving public holders a defined price for the slice the open offer will absorb. One source said the deal would be funded through a ₹300 crore term loan plus a non-voting equity instrument — a single-source detail still to be confirmed in the company’s own filing. (Source: ScanX)
What Shareholders Should Verify
- The open-offer record date and timeline in the SEBI takeover (SAST) public announcement — the ₹299 tender price applies only to a capped 26%.
- Bliss GVS’s FY26 figures against the audited annual report: one outlet listed turnover near ₹1,000 crore versus ₹927 crore reported elsewhere.
- The funding structure — a term loan plus a non-voting equity instrument was cited by a single source; confirm it in Anupam Rasayan’s official disclosure.
This article is journalism and educational commentary, not investment advice. The author is not a SEBI-registered Research Analyst. Figures should be independently verified against official filings before any financial decision.
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