Vivro Financial Services Pvt Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Detailed Public Statement for the attention of the Equity Shareholders of Rekvina Laboratories ....
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Rekvina Laboratories Ltd, a BSE-listed pharmaceutical company based in Vadodara, has triggered a mandatory open offer for its public shareholders following a share-swap deal to acquire 100% of Radiant Parenterals Limited. Three acquirers — existing promoters Surbhit Mukesh Shah (15.22% stake) and Amit Mukesh Shah (13.73% stake), along with new promoter Dhruvalkumar Patel — are offering to buy up to 28,90,100 equity shares (26% of expanded share capital) at ₹10 per share, totaling ₹2.89 crore assuming full acceptance. The underlying deal values Radiant Parenterals at ₹4.63 crore, with Rekvina issuing 46.27 lakh new shares (swap ratio of 2.5:1) to fund the acquisition. Post-deal, the acquirers' holding in Rekvina will rise to 77.33%, and with promoter group to 90.03%, pushing public shareholding below the mandatory 25% threshold. The company is infrequently traded on BSE, reported net losses in recent periods, and the open offer opens on May 14, 2026.
Public shareholders can tender their shares at ₹10 each during the tendering period (May 14–27, 2026). The stock is thinly traded and the company is loss-making, so liquidity and price discovery may be limited. Post-offer, public shareholding will fall below 25%, meaning the acquirers must restore minimum public shareholding, which could affect future float and trading.