Offer Details

The open offer is for acquisition of up to 23,46,250 (Twenty-Three Lakhs Forty-Six Thousand Two Hundred and Fifty) fully paid-up equity shares of face value of ₹10.00 each, representing 26.00% of the Expanded Voting Share Capital of Parmax Pharma Limited.

Offer Price: ₹42.80 per share

Total Offer Size: ₹10,04,19,500.00 (assuming full acceptance)

Offer Type: Mandatory open offer under Regulations 3(1) and 4 of SEBI (SAST) Regulations

Condition: Not conditional upon any minimum level of acceptance

Transaction Triggering the Offer

The open offer obligation was triggered by two simultaneous transactions:

1. Share Purchase Agreement: Dated June 08, 2026, where Acquirers and SPA PACs acquired 11,52,450 Equity Shares (12.77% of Expanded Voting Capital) from existing promoters (Sellers) at ₹35.00 per share, totaling ₹4,03,35,750.00.

2. Preferential Issue: Approved by Board of Directors on June 08, 2026, involving:

  • 22,80,444 Equity Shares to Acquirers and PACs at ₹36.50 per share (₹8,32,36,206.00 total)
  • 17,16,574 warrants convertible into equity shares to Acquirers and PACs at ₹36.50 per warrant (₹6,26,54,951.00 total)
  • Additional 8,57,142 Equity Shares and 4,28,571 warrants to public allottees

Capital Structure Impact

Existing Share Capital: ₹3,74,13,000 divided into 37,41,300 equity shares

Expanded Voting Capital: Includes all potential increases expected as of the 10th working day from closure of tendering period, comprising:

  • 31,37,586 Equity Shares from preferential issue
  • 21,45,146 warrants convertible into equity shares

Parties Involved

Acquirers: Dhiren Chandulal Shah (Acquirer 1) and Sunil Chinubhai Shah (Acquirer 2)

PACs (Persons Acting in Concert): 10 individuals including Dhairya Dhiren Shah, Hiren Pravin Doshi, Sheetal Hiren Doshi, and others

Manager to Offer: Fedex Securities Private Limited

Sellers: Alkesh Mahasukhlal Gopani, Vipul Mahasukhlal Gopani, Pravina Mahasukh Gopani (existing promoters)

Post-Transaction Ownership

Upon completion of all transactions (including full acceptance of open offer), the Acquirers and PACs will collectively hold up to 57.06% of the Expanded Voting Capital, acquiring control of the company. The existing promoters will cease to hold any shares and will be declassified from promoter category.

Timeline and Next Steps

The Detailed Public Statement will be published in newspapers on or before June 15, 2026. The offer is subject to receipt of required statutory/regulatory approvals and satisfaction of conditions precedent in the Share Purchase Agreement.

Financial Arrangements

The Acquirers confirm they have adequate financial resources and have made firm financial arrangements for financing the acquisition of offer shares in terms of Regulation 25(1) of SEBI (SAST) Regulations.