Shares of Bliss GVS Pharma hit an upper circuit of 20% on Tuesday after the pharma firm said leading chemical manufacturer Anupam Rasayan would acquire 43% stake in the company for Rs 1,369.51 crore. Bliss GVS Pharma stock hit a record high of Rs 381.10, up 20 per cent today against the previous close of Rs 317.60 on BSE. Market cap of the firm stood at Rs 4031 crore. Today's rally pushed the stock into overbought zone with RSI rising to 74.4. RSI above 70 signals the stock is over bought on charts. 

Heavy trading volumes of 12.52 lakh were noted on BSE today with a turnover of Rs 44.69 crore. 

The acquisition of 43% stake will trigger a mandatory open offer for an additional 26% stake at Rs 299 per share. 

Bliss GVS Pharma is listed on NSE and BSE. It develops and exports a range of formulations including suppositories, tablets, capsules and injectables.

"We have entered into a definitive agreement to acquire 43.3-48.2 per cent equity stake and are making an open offer to the public shareholders of Bliss GVS Pharma," Anupam Rasayan India Managing Director Anand Desai said.

The acquisition will be funded via a Rs 300-crore term loan, with the remaining amount financed via a non-controlling, non-voting equity instrument.

"This will strategically strengthen our presence across the pharmaceutical value chain, spanning key starting materials to finished dosage formulations," Desai added.

Anupam Rasayan said the combined entity would lead to creation of integrated pharmaceutical manufacturing platform with deeper backward integration and expanded reach in regulated markets, including Europe and the United States, aided by its earlier acquisition of Jayhawk.