Key Quantitative Figures
- Open Offer Size: 23,46,250 equity shares (26.00% of expanded voting share capital)
- Face Value: ₹10.00 per share
- Offer Price: ₹42.80 per equity share
- Market Price Comparison: Closing market price on BSE as of July 24, 2026 was ₹102.83 per share
- Valuation Assessment: Fair value certified at ₹42.79 per share by M/s A H Dedhia & Associates
Dates of Action
- Public Announcement Date: June 8, 2026
- Detailed Public Statement Date: June 13, 2026 (published June 15, 2026)
- Draft Letter of Offer Date: June 22, 2026
- Letter of Offer Date: July 21, 2026
- IDC Meeting Date: July 25, 2026
- Publication Date: July 27, 2026
Parties Involved
Acquirers:
- Dhiren Chandulal Shah (Acquirer 1)
- Sunil Chinubhai Shah (Acquirer 2)
Persons Acting in Concert (PACs):
1. Dhairya Dhiren Shah (PAC 1)
2. Hiren Pravin Doshi (PAC 2)
3. Sheetal Hiren Doshi (PAC 3)
4. Nirmal Sunilbhai Shah (PAC 4)
5. Rupa Sunil Shah (PAC 5)
6. Vijaykumar Natvarlal Shiyani (PAC 6)
7. Kamlesh Natvarlal Shiyani (PAC 7)
8. Abhay Chinubhai Shah (PAC 8)
9. Umang Alkesh Gosalia (PAC 9)
10. Meena Alkesh Gosalia (PAC 10)
Manager to Offer: Fedex Securities Private Limited
- Address: B7, Jay Chambers, Dayaldas Road, Vile Parle East, Mumbai - 400057
- SEBI Registration Number: INM000010163
- Contact Persons: Antara Chogle / Saipan Sanghvi
Independent Directors Committee:
- Ami Rajeshbhai Shah (Chairperson, DIN: 08158605)
- Nikhil Sureshchandra Uchat (Member)
Registered Valuer: M/s A H Dedhia & Associates, Chartered Accountant & IBBI Registered Valuer (Registration number IBBI/RV/07/2021/13796)
Recommendation Details
The Committee of Independent Directors unanimously approved the following recommendations:
1. The Offer Price of ₹42.80 per equity share is in line with parameters prescribed by SEBI (SAST) Regulations, 2011
2. The offer is considered fair and reasonable based on their review
3. However, the committee notes that the equity shares are trading on BSE at a price (₹102.83) higher than the offer price
Valuation Parameters Assessment
The offer price of ₹42.80 is higher than the highest of the following parameters:
- Highest negotiated price: ₹35.00 (SPA) and ₹36.50 (Preferential Issue)
- 52-week VWAP: ₹31.00 (acquisitions by Acquirers and PACs)
- 26-week highest price: ₹31.00 (acquisitions by Acquirers and PACs)
- 60-day VWAP: ₹42.79 (BSE trading)
Publication Details
The recommendation was published in the following newspapers on July 27, 2026:
1. Financial Express (English - All Editions)
2. Jansatta (Hindi - All Editions)
3. Financial Express (Gujarati - Ahmedabad Edition)
4. Mumbai Lakshdeep (Marathi - Mumbai Edition)
Financial Impact
Not quantified in the disclosure, but the offer represents a potential acquisition of 26% of the company's expanded voting share capital at ₹42.80 per share.
#Tags: #ParmaxPharma #OpenOffer #SEBIDisclosure #IndependentDirectors #TakeoverRegulations