Anupam Rasayan to Acquire 74.20% Stake in Bliss GVS Pharma for ~₹2,199 Crore

Anupam Rasayan India Ltd has approved the acquisition of up to 74.20% equity and control in Bliss GVS Pharma Limited at ₹299 per share, representing a total consideration of approximately ₹2,199 crore. Transaction Structure: Phase 1: Acquisition of 43.30% from identified sellers for ₹1,369.51 crore Open Offer: Up to 26% from public shareholders for ~₹829.03 crore at the same price Future Option: Rights to acquire residual shares from sellers post-closure Timeline: Expected closure within 6 months, subject to regulatory and customary approvals Strategic Rationale: Value Chain Integration: Combines Anupam Rasayan's Key Starting Materials (KSMs) expertise with Bliss GVS's finished dosage forms (suppositories, pessaries, tablets, capsules) — enabling end-to-end pharmaceutical manufacturing. Global Reach: Bliss GVS's presence in 60+ countries accelerates Anupam's international expansion in regulated and semi-regulated markets. Operational Synergies: Shared R&D, supply chain optimization, and cross-selling opportunities expected to enhance margins and revenue visibility. Target Profile (Bliss GVS Pharma): FY26 Turnover: ₹1,000.64 crore (up from ₹798.98 crore in FY24) Net Worth: ₹1,231.76 crore (as of March 31, 2026) Specialization: Niche formulations with strong regulatory compliance track record Outlook: The acquisition marks Anupam Rasayan's strategic entry into finished pharmaceuticals, diversifying beyond specialty chemicals. Successful integration could create a differentiated, vertically integrated platform attractive to global pharma partners. $ANURAS $BLISSGVS