Updates

July 22, 2026 To To The Manager, Listing Department The General Manager, Listing Department National Stock Exchange of India Ltd. BSE Limited Plot no. C/1 G Block, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Bandra (East), Dalal Street, Mumbai- 400 051 Mumbai- 400 001 Symbol: BLISSGVS Scrip Code: 506197 Sub: Intimation of Recommendations by the Committee of Independent Directors (“IDC”) pursuant to Regulation 26(7) of the SEBI (Substantial Acquisition of Shares and takeovers) Regulations, 2011 (“SEBI SAST Regulations”). Dear Sir / Madam, Pursuant to Regulation 26(7) of the SEBI SAST Regulations, we hereby inform that a meeting of the Committee of Independent Directors (“IDC”) of Bliss GVS Pharma Limited (“The Company/ Target Company”) formed under Regulation 26(6) of the SEBI SAST Regulations was held on Wednesday, July 22, 2026 at 11:30 a.m. (IST), on the Open Offer by made by Anupam Rasayan India Limited (“Acquirer”) together with Mates Visa Consultancy Private Limited (“PAC”) to the Public Shareholders of the Target Company for acquisition of up to 2,77,26,848 (two crore seventy-seven lakh twenty-six thousand eight hundred forty-eight) Equity Shares (“Offer Shares”) constituting 26.00% (twenty-six per cent) of the Expanded Voting Share Capital (“Offer Size”), at a price of INR 299.00 (Indian Rupees Two Hundred Ninety-Nine Only) per Offer Share (“Offer Price”). A copy of the said reasoned recommendations of the IDC is enclosed herewith for your information and records. Kindly take the above information on record. Thanking you, Yours Faithfully, For Bliss GVS Pharma Limited Aditi Bhatt Company Secretary Encl: As above Recommendations of the Committee of Independent Directors (“IDC”) of Bliss GVS Pharma Limited (“Target Company”) on the Open Offer (as defined below) made by Anupam Rasayan India Limited (“Acquirer”) together with Mates Visa Consultancy Private Limited (“PAC”) to the Public Shareholders of the Target Company, under Regulation 26(7) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and subsequent amendments thereto (“SEBI (SAST) Regulations”). No. Particulars Details 1. Date July 22, 2026 2. Name of the Target Company Bliss GVS Pharma Limited (‘TC’) 3. Details of the Offer pertaining to Open offer for acquisition of up to 2,77,26,848 (two crore seventy-seven lakh twenty-six thousand eight hundred forty-eight) Equity Shares (“Offer Shares”) constituting 26.00% (twenty-six per cent) of the Expanded Voting Share Capital (“Offer Size”), at a price of INR 299.00 (Indian Rupees Two Hundred Ninety-Nine Only) per Offer Share (“Offer Price”) aggregating to a total consideration of INR 829,03,27,552.00 (Indian Rupees Eight Hundred Twenty-Nine Crore Three Lakh Twenty- Seven Thousand Five Hundred Fifty-Two Only), in compliance with the requirements under the SEBI (SAST) Regulations, (“Offer” or “Open Offer”) subject to the receipt of all applicable statutory approval(s) (if any) and the terms and conditions set out in the Public Announcement (‘PA’), the Detailed Public Statement (‘DPS’), Addendum to PA, DPS & Draft Letter of Offer and in the Letter of Offer. The public announcement dated May 23, 2026 (“PA”), the detailed public statement dated May 30, 2026 and published on June 01, 2026 (“DPS”), the draft letter of offer dated June 8, 2026 (“DLOF”), Addendum to the PA, DPS & DLOF dated July 17, 2026 and the letter of offer dated July 18, 2026 (“LOF”) have been issued by SBI Capital Markets Limited, the manager to the Open Offer, on behalf of the Acquirer. 4. Name(s) of the acquirer and PAC Acquirer: Anupam Rasayan India Limited with the acquirer PAC: Mates Visa Consultancy Private Limited 5. Name of the Manager to the offer SBI Capital Markets Limited Address: Unit No. 1501, 15th Floor, A& B Wing, Parinee Crescenzo Building, Plot C- 38, G Block, Bandra Kurla Complex, Bandra (East), Mumbai- 400051. Contact Person: Ms. Krithika Shetty/Mr. Aradhy Rajyaguru Tel: + 022- 4006 9807 Email: blissgvs.openoffer@sbicaps.com Website: www.sbicaps.com SEBI Registration Number: INM000003531 6. Members of the Committee of (1) Mr. Nandkumar Kashinath Chodankar, Independent Directors (Please Chairperson indicate the chairperson of the (2) Ms. Shilpa Vinodkumar Bhatia, Member Committee separately) (3) Mr. Vijayanarayanan Mahadevan, Member (4) Mr. Deepak Rameshchandra Shah, Member 7. IDC Member’s relationship All the members of the IDC are Independent with the TC (Director, Equity Directors on the Board of Directors of the shares owned, any other contract Target Company. / relationship), if any None of the members of the IDC hold any equity shares or other securities of the Target Company except Mr. Nandkumar Kashinath Chodankar, Chairperson of the IDC, who holds 250 Equity Shares of the Target Company as on the date of this recommendation. Further, none of the members of the IDC have any material pecuniary relationship, contract, arrangement, or other relationship with the Target Company, other than their appointment and serving in the capacity of Independent Directors on the Board of the Target Company. 8. Trading in the Equity None of the members of the IDC have traded shares/other securities of the TC in any of the Equity Shares / Securities of the by IDC Members Target Company during the: (a) 12 Month period preceding the date of the PA; and (b) Period from the date of the PA and till the date of this recommendation. 9. IDC Member’s relationship with None of the members of the IDC: the Acquirer and PAC (Director, Equity shares owned, any other (a) are directors on the boards of the Acquirer contract / relationship), if any. or the PAC; (b) hold any equity shares or other securities of the Acquirer or the PAC; and (c) have any contracts/relationship with the Acquirer or the PAC. 10. Trading in the Equity None of the members of the IDC have traded shares/other securities of the in any of the Equity Shares / Securities of the Acquirer and PAC by IDC Acquirer or the PAC during the: Members (a) 12 months period preceding the date of the PA; and (b) period from the date of the PA and till the date of this recommendation. 11. Recommendation on the Open The IDC noted that, the Open Offer is being offer, as to whether the offer is made at a price of INR 299.00 (Indian Rupees fair and reasonable Two Hundred Ninety-Nine only) per Offer Share and the Offer Price has been determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations and represents the highest of the applicable pricing parameters prescribed thereunder. The IDC further noted that, as disclosed in the LOF, the volume weighted average market price of the Equity Shares of the Target Company for the 60 (sixty) trading days immediately preceding the date of the PA, as traded on NSE, being the stock exchange with the highest trading volume in the Equity Shares of the Target Company, is INR 247.55 (Indian Rupees Two Hundred Forty-Seven and Fifty-Five Paise only) per Equity Share, while the highest negotiated price per Equity Share under the Share Purchase Agreement is INR 299.00 (Indian Rupees Two Hundred Ninety-Nine only), which forms the basis of the Offer Price. Based on its review of the relevant information (as set out in the summary of reasons for recommendation below), the IDC is of the view that the Offer Price of INR 299.00 (Indian Rupees Two Hundred Ninety-Nine only) per Offer Share has been determined in accordance with the applicable provisions of the SEBI (SAST) Regulations and appears to be fair and reasonable from the perspective of the regulatory pricing framework governing the Open Offer. 12. Summary of reasons for The IDC noted that, the Open Offer has been recommendation triggered pursuant to the proposed acquisition of 4,58,03,024 (Four Crore Fifty- Eight Lakh Three Thousand Twenty-Four) Equity Shares, representing 43.11% (Forty- three point one per cent) of the equity share capital of the Target Company as on dat [Showing first 8,000 characters — download PDF for full document]