Prime Highlights
- Anupam Rasayan and Mates Visa Consultancy are jointly offering ₹299 per share to acquire up to 26% of Bliss GVS Pharma’s expanded voting capital.
- The company confirmed the offer has no minimum acceptance threshold and does not qualify as a competing bid.
Key Facts
- Anupam Rasayan India Ltd is a chemicals manufacturer making the open offer for Bliss GVS Pharma, a pharmaceutical company, under SEBI’s takeover regulations.
- The total open offer size is valued at approximately ₹829 crore, covering up to 2,77,26,848 equity shares.
Background
Chemicals manufacturer Anupam Rasayan India Ltd has come up with a Letter of Offer to shareholders of Bliss GVS Pharma Ltd for making an open offer to acquire a maximum of 2,77,26,848 fully paid equity shares from them. This has raised the expanded voting share capital of the Pharma company to 26%, with the offer value pegged at ₹299 a share, to about ₹829 crore.
The cash offer is being made jointly by Anupam Rasayan and Mates Visa Consultancy Private Limited, which is acting as a person acting in concert, under the SEBI takeover regulations of 2011.
The company clarified that there is no minimum acceptance condition in the offer and it is not a competing bid. If they receive more than the offer size of shares, the shares will be accepted on a pro rata basis, subject to the limit. The offer price may be increased before the designated date, and all tendered shares would receive the same increase.
The Letter of Offer indicated that at present it is not required to obtain statutory approval for the acquirer or the concerned party; however, any statutory approval, which may be necessary in the future, would be subject to the conditions of the offer until the closing date of the tendering period.
The Letter of Offer was issued to shareholders whose names appeared on the identified date in the second week of July and in the third week of July. The tendering process begins in the last week of July and ends in the second week of August, followed by payments or returns of shares in the fourth week of August. As yet, there’s been no giveaway to match.
