Date: September 28, 2026

Board Meeting Outcomes

The disclosure intimates the completion of a major acquisition and related open offer process, culminating in a change of control.

Disinvestment / Strategic Actions

Acquisition of Bliss GVS Pharma Limited:

  • Anupam Rasayan India Limited (Acquirer) has completed the acquisition of a controlling stake in Bliss GVS Pharma Limited (Target Company).
  • The transaction was executed pursuant to a Share Purchase Agreement (SPA) dated 23 May 2026 with sellers Narsimha Shibroor Kamath, Vibha Gagan Sharma, Shruti Vishal Rao, Gautam Rasiklal Ashra, Arjun Gautam Ashra, and Gulbarga Trading and Investment Private Limited.
  • A Deed of Adherence was executed with Mates Visa Consultancy Private Limited (PAC) on 17 July 2026.
  • On 28 September 2026, the Acquirer completed the 'Underlying Transaction' contemplated in the SPA, acquiring 5,09,84,595 equity shares of Bliss, representing 47.95% of its equity share capital.
  • On the same date (28 September 2026), the Acquirer acquired a further 22,50,000 equity shares of Bliss through an on-market transaction, representing approximately 2.12% of the paid-up equity share capital.
  • The on-market acquisition was made at a price of Rs. 723.2883 per equity share, for an aggregate consideration of INR 162,73,98,675.00 (Indian Rupees One Hundred Sixty Two Crores Seventy Three Lakhs Ninety Eight Thousand Six Hundred Seventy Five), excluding levies and transaction costs.
  • Following these acquisitions, and including 1,699 equity shares acquired by the PAC (Mates Visa Consultancy Private Limited) through the open offer, the Acquirer and PAC collectively hold 5,32,36,264 equity shares of Bliss, representing 50.07% of its equity share capital.
  • Consequently, the Acquirer and the PAC have acquired control of Bliss and have been designated as its 'promoters' with effect from 28 September 2026.
  • The board of directors of Bliss noted this change of control and promoter designation in their meeting held on 28 September 2026.

Open Offer Details:

  • An open offer was announced in accordance with SEBI Takeover Regulations (Regulation 3(1) and 4).
  • The public announcement was made on 23 May 2026, followed by a detailed public statement (30 May 2026) and a letter of offer (18 July 2026).
  • The tendering period closed, and only 1,669 equity shares (representing 0.00% of Bliss's equity share capital) were validly tendered by public shareholders.
  • These shares were credited to the Acquirer's demat account on 24 August 2026.

Strategic Rationale:

The acquisition is intended to strategically strengthen Anupam Rasayan's presence across the pharmaceutical value chain, from Key Starting Materials (KSMs) to finished dosage formulations. It aims to leverage Bliss GVS's established capabilities in niche dosage forms, differentiated brands, strong international footprint, and expertise across multiple therapeutic segments. Combined with Anupam's advanced chemistry capabilities, the acquisition is expected to create a more integrated and diversified pharmaceutical manufacturing platform, enhance forward integration, and unlock significant synergies through innovation and operational efficiencies.

Other Operational / Legal / Strategic Disclosures

Target Company Background (Bliss GVS Pharma Limited):

  • Bliss is a public listed company incorporated on 11 December 1984 under the Companies Act, 1956.
  • It is primarily engaged in manufacturing pharmaceutical products including suppositories, pessaries, tablets, capsules, and other specialty pharmaceutical products.
  • It has a global footprint in over 60 countries, with its most dominant market being Sub-Saharan Africa.
  • Financials (Consolidated Turnover):
  • FY 2023-24: Rs. 1000,64,26,000
  • FY 2024-25: Rs. 846,21,97,000
  • FY 2025-26: Rs. 798,98,23,000
  • Net worth as of March 31, 2026: Rs. 1231,76,00,000 (on a consolidated basis).

Regulatory & Compliance:

  • The acquisition is not a related party transaction.
  • The promoters/promoter group/group companies of Anupam Rasayan have no interest in Bliss GVS Pharma.
  • No governmental or regulatory approvals were required for this specific acquisition (the on-market purchase).

Not Specified: KMP / Board / Auditor Changes, Dividend Declaration, Financial Results, Auditor’s Report, Media Release / Investor Communication.