Share purchase agreement and Public Announcement
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Parmax Pharma Ltd is undergoing a change of control. Existing promoters (Alkesh, Vipul, and Pravina Gopani) are selling their stake to a new set of acquirers led by Dhiren Chandulal Shah and Sunil Chinubhai Shah, along with 10 persons acting in concert. The deal is structured in three parts: (i) a preferential allotment of 31,37,586 equity shares at ₹36.50 per share (face value ₹10, premium ₹26.50), aggregating about ₹11.45 crore; (ii) a secondary share purchase from existing promoters at ₹35 per share via a Share Purchase Agreement; and (iii) an open offer to public shareholders under SEBI takeover rules. Additionally, 21,45,145 convertible warrants will be issued at ₹36.50 each (about ₹7.83 crore), exercisable within 18 months. Following completion, the board will be reconstituted with the new management taking control.
This is a significant change-of-control event. Public shareholders will get a chance to tender shares in the open offer (price yet to be detailed in this filing), which is typically at a premium to market price. The stock may see short-term volatility around the open offer pricing and regulatory approvals. Existing promoters are fully exiting, meaning the company will have entirely new management and strategic direction going forward.