Shares of Bliss GVS Pharma experienced a significant surge, hitting a 20% upper circuit and reaching a record high of Rs 381.10 on Tuesday. This impressive rally was triggered by the announcement that leading chemical manufacturer Anupam Rasayan would acquire a substantial 43% equity stake in the pharmaceutical company.
Strategic Acquisition Details
The acquisition, valued at Rs 1,369.51 crore, will see Anupam Rasayan taking a controlling interest in Bliss GVS Pharma. Following the initial stake purchase, a mandatory open offer will be made to public shareholders for an additional 26% stake at a price of Rs 299 per share. The market capitalization of Bliss GVS Pharma stood at Rs 4031 crore at the close of trading.
Anupam Rasayan India's Managing Director, Anand Desai, confirmed the definitive agreement to acquire between 43.3% and 48.2% equity. He stated that the acquisition would be financed partly by a Rs 300-crore term loan, with the remaining amount covered by a non-controlling, non-voting equity instrument.
Future Outlook and Market Impact
Desai emphasized the strategic importance of this acquisition, noting that it will "strengthen our presence across the pharmaceutical value chain, spanning key starting materials to finished dosage formulations." This move is expected to create an integrated pharmaceutical manufacturing platform, enhancing backward integration and expanding market reach into regulated markets such as Europe and the United States, building on Anupam Rasayan's earlier acquisition of Jayhawk.
The day's trading saw heavy volumes, with 12.52 lakh shares exchanged on the BSE, amounting to a turnover of Rs 44.69 crore. Bliss GVS Pharma, known for developing and exporting formulations including suppositories, tablets, capsules, and injectables, is listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).