Maneesh Pharmaceuticals Limited made an offer to acquire 26.48658% stake in Phaarmasia Limited (BSE:523620) for INR 45.2 million on November 11, 2022. As of November 16, 2022, The floor price is set at INR 25 per equity share. Phaarmasia Limited board has approved the proposal. As of November 22, 2022, granted its approval to convened the shareholders meeting. As of December 29, 2022, the transaction has been approved by Phaarmasia shareholders approval. As of February 3, 2023, BSE has approved the delisting offer. The offer will be commenced from February 15, 2023 ,and will close on February 21, 2023. Saffron Capital Advisors Private Limited acted as a manager to the offer, Venture Capital And Corporate Investments Private Limited acted as a register to the offer.

Maneesh Pharmaceuticals Limited canceled the acquisition of a 26.48658% stake in Phaarmasia Limited (BSE:523620) on February 21, 2023. The tender offer did not reach the minimum threshold.