Rekvina Laboratories Discloses Open Offer Public Announcement to BSE

Rekvina Laboratories Limited has formally disclosed to BSE Limited the receipt of a public announcement for an open offer by three acquirers, as mandated under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure, dated March 17, 2026, confirms the company's compliance with regulatory requirements following the public announcement issued by Vivro Financial Services Private Limited.

Open Offer Structure and Financial Details

The open offer involves three acquirers seeking to purchase equity shares from public shareholders of Rekvina Laboratories Limited. Vivro Financial Services Private Limited has been appointed as Manager to the Open Offer, with the transaction structured as a mandatory offer under SEBI (SAST) Regulations.

Parameter: Details Offer Size: 28,90,100 equity shares Face Value: ₹5 per share Offer Price: ₹10 per share Total Consideration: ₹2,89,01,000 (assuming full acceptance) Percentage of Expanded Share Capital: 26% Payment Mode: Cash

The offer price of ₹10 per share has been determined in accordance with Regulation 8(1) and 8(2) of the SEBI (SAST) Regulations. The transaction represents a triggered offer, making it mandatory under Regulations 3(2) and 4 of the SEBI (SAST) Regulations.

Acquirer Details and Shareholding Structure

The acquisition involves three individuals with varying current stakes in Rekvina Laboratories. The acquirers' pre-transaction and proposed post-transaction shareholdings demonstrate significant changes in the company's control structure.

Acquirer: Pre-Transaction Shares Pre-Transaction % Post-Transaction Shares (No Tender) Post-Transaction % (No Tender) Surbhit Mukesh Shah: 9,17,607 15.22% 24,73,857 22.26% Amit Mukesh Shah: 8,27,883 13.73% 30,09,133 27.07% Dhruvalkumar Patel: Nil Nil 2,22,562 2.00% Total: 17,45,490 28.96% 57,05,552 51.33%

Surbhit Mukesh Shah serves as Promoter and Managing Director of Rekvina Laboratories, while Amit Mukesh Shah holds the position of Promoter and Director. Dhruvalkumar Patel currently has no existing interest in the target company.

Underlying Transaction Details

The open offer was triggered by a Share Exchange and Purchase Agreement dated March 16, 2026. This agreement involves the acquisition of Radiant Parenterals Limited through a comprehensive share swap arrangement.

Transaction Component: Details Target Acquisition: 18,51,100 equity shares of Radiant Parenterals Acquisition Value: ₹4,62,77,500 Price per Share: ₹25 Consideration Method: Share swap arrangement Subscription Shares to be Issued: 46,27,750 equity shares Issue Price: ₹10 per share

The board of directors of Rekvina Laboratories resolved on March 16, 2025, to issue 46,27,750 subscription shares of face value ₹5 each at ₹10 per share through preferential issue on a private placement basis.

Regulatory Compliance and Company Information

Rekvina Laboratories Limited, through Company Secretary & Compliance Officer Deepak Khandelwal, has ensured proper disclosure to BSE Limited and dissemination to shareholders. The company maintains its listing status on BSE Limited with established market presence.

Company Details: Information Registered Office: 36, Sampatrao Colony, Next to Royal Hotel, Alkapuri, Vadodara, Gujarat, 390007 CIN: L24231GJ1988PLC011458 BSE Scrip Code: 526075 BSE Scrip ID: VINRKLB ISIN: INE092O01028

Vivro Financial Services, registered with SEBI under registration number MB/INM000010122, will manage the open offer process in compliance with applicable regulations. The acquirers have undertaken to maintain adequate financial resources and have made firm financial arrangements for financing the acquisition. The detailed public statement will be published within 5 working days from the public announcement, containing comprehensive information about the offer including reasons, background, statutory approvals required, and financial arrangements.

Rekvina Laboratories Limited announced significant corporate developments following its board meeting on March 16, 2026, including a major acquisition and capital restructuring initiatives that will reshape the company's operational landscape.

Major Acquisition of Radiant Parenterals

The board approved the complete acquisition of Radiant Parenterals Limited through a share exchange agreement. The transaction involves acquiring 18,51,100 equity shares of face value ₹10/- each, representing 100% of Radiant's equity share capital, at ₹25/- per share.

Transaction Details: Amount Total Consideration: ₹4,62,77,500/- Shares to be Acquired: 18,51,100 Price per Share: ₹25/- Stake Percentage: 100%

Radiant Parenterals, incorporated on January 18, 1989, operates in pharmaceutical manufacturing with specialization in injectables and syrup/suspension products. The company maintains WHO-GMP and ISO 9001-2015 certifications and focuses on anti-hypertensive and anti-diabetic products.

Radiant's Financial Performance

Radiant demonstrates strong revenue growth trajectory across recent years:

Financial Year: Revenue F.Y. 2024-25: ₹31,67,12,500/- F.Y. 2023-24: ₹17,36,40,660/- F.Y. 2022-23: ₹77,00,000/-

Share Swap Mechanism and Shareholding Changes

The acquisition consideration will be settled through preferential allotment of Rekvina's equity shares rather than cash payment. The company will issue 46,27,750 fully paid-up equity shares of face value ₹5/- each at ₹10/- per share, including a premium of ₹5/- per share.

Radiant Shareholders: Shares Being Acquired Surbhit Mukesh Shah: 6,22,500 Amit Mukesh Shah: 8,72,500 Dhruvalkumar Patel: 89,025 Krima Surbhit Shah: 1,33,537 Ami Amit Shah: 1,33,538 Total: 18,51,100

Post-Acquisition Shareholding Pattern

Shareholder: Pre-Issue Shares Pre-Issue % Post-Issue Shares Post-Issue % Surbhit Mukesh Shah: 9,17,607 15.22% 24,73,857 22.26% Amit Mukesh Shah: 8,27,883 13.73% 30,09,133 27.07% Dhruvalkumar Patel: Nil Nil 2,22,562 2.00% Krima Surbhit Shah: Nil Nil 3,33,843 3.00% Ami Amit Shah: Nil Nil 3,33,845 3.00% Total: 17,45,490 28.96% 63,73,240 57.34%

Authorized Capital Enhancement

To facilitate the acquisition and future growth plans, the board approved increasing authorized share capital from ₹3,50,00,000/- divided into 70,00,000 equity shares to ₹6,00,00,000/- divided into 1,20,00,000 equity shares of ₹5/- face value each.

Additional Preferential Issue

The company also approved issuing 4,60,000 equity shares at ₹10/- per share to non-promoter investors for cash consideration of ₹46,00,000/-.

Non-Promoter Allotment: Pre-Issue Shares Pre-Issue % Post-Issue Shares Post-Issue % Amitkumar Arunkumar Rao: 99,531 1.65% 4,99,531 4.49% Amitkumar Arunkumar Rao HUF: 2,84,550 4.72% 3,44,550 3.10% Total: 3,84,081 6.37% 8,44,081 7.59%

Regulatory and Timeline Details

The board fixed March 11, 2026, as the relevant date for determining floor price under SEBI ICDR Regulations. An extraordinary general meeting is scheduled for April 10, 2026, with March 13, 2026, set as the cut-off date for dispatching meeting notices. The transaction requires shareholder approval and compliance with applicable securities regulations, including an open offer obligation triggered under SEBI takeover regulations.

Suhas Bhattbhatt has been appointed as scrutinizer to conduct the voting process. The acquisition is being undertaken on an arm's length basis based on a valuation report by registered valuer Devang S. Thakar.

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