Key Quantitative Figures

  • Open offer size: 2,77,26,848 equity shares (26.00% of expanded voting share capital)
  • Offer price: ₹299.00 per share
  • Total consideration: ₹829,03,27,552.00 (Eight Hundred Twenty-Nine Crore Three Lakh Twenty-Seven Thousand Five Hundred Fifty-Two)
  • Triggering acquisition: 4,58,03,024 equity shares (43.11% of current equity share capital, 42.95% of expanded voting share capital)
  • 60-day volume weighted average price preceding public announcement: ₹247.55 per share (NSE)
  • Market prices on July 17, 2026: ₹482.50 (BSE) and ₹483.50 (NSE) per share

Dates of Action

  • IDC meeting date: July 22, 2026 at 11:30 a.m. IST
  • Public announcement date: May 23, 2026
  • Detailed public statement date: May 30, 2026 (published June 1, 2026)
  • Draft letter of offer date: June 8, 2026
  • Addendum to PA, DPS & DLOF date: July 17, 2026
  • Letter of offer date: July 18, 2026
  • Filing date: July 22, 2026

Parties Involved

  • Target Company: Bliss GVS Pharma Limited
  • Acquirer: Anupam Rasayan India Limited
  • PAC: Mates Visa Consultancy Private Limited
  • Manager to offer: SBI Capital Markets Limited (SEBI Registration: INM000003531)
  • Price certifier: M/s. Swati Kedar Kothari & Co., Chartered Accountants (Firm Registration No. 150854W)
  • IDC Members: Mr. Nandkumar Kashinath Chodankar (Chairperson), Ms. Shilpa Vinodkumar Bhatia, Mr. Vijayanarayanan Mahadevan, Mr. Deepak Rameshchandra Shah

IDC Composition and Relationships

All four IDC members are independent directors of Bliss GVS Pharma Limited. Only Mr. Nandkumar Kashinath Chodankar holds 250 equity shares of the company. No members have any material pecuniary relationships with the company beyond their directorship roles. No members have relationships with the acquirer or PAC, nor have they traded in securities of any involved parties during the relevant periods (12 months preceding PA and period from PA to recommendation date).

IDC Recommendation Rationale

The IDC reviewed the public announcement, detailed public statement, addendum, draft letter of offer, and final letter of offer. They determined that:

1. The offer price of ₹299.00 per share was determined in accordance with SEBI (SAST) Regulations

2. The price represents the highest of the parameters mentioned in Regulation 8(2)

3. The price is not lower than the highest price payable under the share purchase agreement dated May 23, 2026

4. The price is certified by M/s. Swati Kedar Kothari & Co. via certificate dated May 23, 2026

5. The offer is fair and reasonable from the perspective of regulatory pricing framework

Important Qualifications

The IDC specifically highlights that the closing market prices on July 17, 2026 (₹482.50 on BSE and ₹483.50 on NSE) were significantly higher than the offer price of ₹299.00. The committee advises public shareholders to independently evaluate the open offer, market performance, and all relevant factors before making tendering decisions.

Voting and Approval

The recommendation was unanimously approved by all IDC members present at the July 22, 2026 meeting. No independent advisors were consulted for this recommendation.