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business / news / / CNBC TV18

Anupam Rasayan launches SEBI regulated open offer to buy up to 26% more of Bliss GVS Pharma at ₹299 per share after acquiring 43.3%, funding via ⁹300 crore debt and a global fund.

Anupam Rasayan has filed a draft letter of offer with SEBI for a regulated open offer.

KEY POINTS
Anupam Rasayan launches SEBI regulated open offer to buy up to 26% more of Bliss GVS Pharma at ₹299 per share after acquiring 43.3%, funding via ₹300 crore debt and a global fund. By CNBCTV18.com Anupam Rasayan Ltd has initiated the process for an open offer to acquire an additional stake in Bliss GVS Pharma Ltd after recently purchasing a controlling 43.3% stake in the pharmaceutical company for ₹1,369 crore, marking its entry into the pharmaceutical formulations business. The Surat-based specialty chemicals manufacturer said on Tuesday that SBI Capital Markets Ltd, acting on its behalf, has filed a draft letter of offer with the Securities and Exchange Board of India (SEBI). Under takeover regulations, Anupam Rasayan is required to make an open offer to public shareholders to acquire up to an additional 26% stake in Bliss GVS Pharma at ₹299 per share. Also Read: Anupam Rasayan enters formulations business with ₹1,369 cr Bliss GVS Pharma acquisition According to the draft offer document, the open offer is expected to remain open from July 16 to July 29, subject to regulatory approvals. The company is expected to submit its post-offer report to SEBI by August 19. To fund the acquisition, Anupam Rasayan plans to raise debt of ₹300 crore, while the remaining transaction value will be financed by a global investment management fund. The company reported a consolidated net profit of ₹42.65 crore for the quarter ended March, while revenue from operations stood at ₹635.8 crore. Also Read: Anupam Rasayan sees strong pharma growth opportunity through Bliss GVS deal
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