Anupam Rasayan India Limited has agreed to acquire a 43.30% stake in Bliss GVS Pharma Limited.

Anupam Rasayan India Limited has agreed to acquire a 43.30% stake in Bliss GVS Pharma Limited for ₹13,69,51,04,176, equating to ₹299 per equity share. The transaction, structured through a Share Purchase Agreement dated May 23, 2026, involves the purchase of 4,58,03,024 shares from promoter group members and public shareholders. This strategic move is designed to enhance Anupam Rasayan's footprint in the pharmaceutical value chain, leveraging Bliss GVS's niche dosage forms and international market reach. The acquisition will be funded through a term loan of approximately ₹300 crore and a non-controlling non-voting equity instrument for the balance amount. Transaction Details The sellers include promoter group members Mr. Narsimha Shibroor Kamath, Dr. Vibha Gagan Sharma, and Ms. Shruti Vishal Rao, alongside public shareholders. Upon completion, Anupam Rasayan will acquire control of Bliss GVS Pharma and be classified as a promoter. The purchaser also holds a call option to acquire an additional 51,81,571 equity shares (4.90%), potentially increasing the total stake to 48.19%. The deal triggers an open offer obligation under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, requiring an offer for up to 26% of the paid-up equity share capital. Seller Category Number of Shares % of Equity Capital Promoter & Promoter Group 3,34,22,024 31.59% Public / Non-Promoter 1,23,81,000 11.70% Total 4,58,03,024 43.30% Target Company Performance Bliss GVS Pharma Limited, established in 1984, manufactures branded formulations across various therapeutic segments, including anti-malarial, anti-fungal, and cardiovascular. The company holds EU-GMP certification and exports to over 60 countries. For FY26, the company reported a revenue of ₹927 crore, an EBITDA of ₹164 crore, and a Profit After Tax (PAT) of ₹135 crore. The firm holds cash and cash equivalents of ₹167 crore with zero net debt, and operates six manufacturing facilities in Maharashtra with an installed capacity of 4,822 million units. Strategic Synergies The acquisition is expected to generate synergies through expansion into regulated markets via the Vevoor facility and forward integration into end-to-end vertically integrated manufacturing. Bliss GVS boasts a robust pipeline of 62+ molecules, with 48+ catering to regulated markets. The company has also signed strategic agreements in the USA and Canada and received US FDA approval for its Palghar suppository unit, which is anticipated to drive significant revenue growth. Capacity utilization currently stands at 30%, presenting significant headroom for ramp-up supported by customer engagements and increasing demand. Anupam Rasayan India Ltd has reported its audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. For FY26, the company recorded a consolidated net profit of ₹2,222 million, a 39% increase from ₹1,600 million in the previous year. Total revenue from operations rose 65% year-on-year to ₹23,836 million, driven by robust execution and new product commercialization. The company delivered its highest-ever operating cash flow of ₹3,343 million during the year, reflecting improved operational efficiency and stronger cash generation. The board has recommended a final dividend of ₹1.5 per equity share, equivalent to 15% of the face value of ₹10 each, for FY26, subject to shareholder approval at the upcoming Annual General Meeting. Financial Performance For the quarter ended March 31, 2026 (Q4FY26), consolidated total revenue stood at ₹6,392 million. Profit After Tax (PAT) for the quarter was ₹560 million, while EBITDA came in at ₹1,407 million with a margin of 22%. Particulars Q4FY26 FY26 YoY (%) Total Revenue ₹6,392 million ₹23,836 million 65% EBITDA ₹1,407 million ₹5,430 million 32% PAT ₹560 million ₹2,222 million 39% Strategic Developments Managing Director Mr. Anand Desai highlighted that FY26 was a landmark year marked by the highest-ever annual sales and operating cash flow. A key strategic milestone was the successful acquisition of Jayhawk Fine Chemicals in the United States, which delivered a proforma revenue of US$ 76 million. Additionally, the company signed a definitive agreement to acquire Bliss GVS Pharma to strengthen its pharmaceutical value chain capabilities. The board approved a proposal to raise funds through the issuance of 16,000 secured, rated, unlisted, redeemable non-convertible debentures (NCDs) on a private placement basis. The NCDs will have a face value of ₹1,00,000 each, aggregating to a total issue size of ₹160 crore. 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