Shivalik Rasayan lifts Medicamen Biotech stake to 42.57% with $3M warrant conversion
What's the deal? Shivalik RasayanDealroom has a profile for this one. Try Dealroom → has raised its stake in Medicamen BiotechDealroom has a profile for this one. Try Dealroom → to 42.57% after converting 500,000 fully convertible warrants into equity shares. The allotment, approved on October 23, 2026, was priced at US$7.2 per share and brought US$3.6M into the pharmaceutical company.
Why now? This is the final leg of Medicamen Biotech's April 2025 preferential financing, not a freshly negotiated takeover. Shivalik Rasayan, already classified in the promoter and promoter group, exercised warrants issued under that earlier programme.
What changes? The conversion lifts promoter holding from 40.46% to 42.57% and expands Medicamen's paid-up equity capital to US$1.91M, comprising 1,40,62,815 shares of US$0.14 face value each. The company filed the disclosure with BSEDealroom has a profile for this one. Try Dealroom → and NSE under SEBI's takeover regulations.
Shivalik Rasayan is an integrated manufacturer of pharmaceutical APIs and agrochemicals, and India's largest producer of Dimethoate Technical. Medicamen Biotech is a listed drugmaker in which Shivalik holds a strategic stake through backward integration.
The signal: The move is a modest consolidation of control rather than a change of ownership. By completing previously agreed funding, Shivalik Rasayan tightens its grip on an associate without a large public issuance — a routine but telling step as Indian pharma players deepen vertical ties.
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