Camlin Fine Sciences (CFSL) has completed the acquisition of on 27 November 2025, by way of contribution in kind, of a majority stake in the share capital of Vinpai (ISIN: FR001400AXT1; mnémonique : ALVIN) representing 78,68% of share capital et 84.89% of voting rights of Vinpai, at a price of Euro 3.60 per Vinpai share (block acquisition) from significant shareholders (sellers).
Additionally, CFSL was allotted 1,100,000 new ordinary shares of Vinpai on conversion of convertible bonds on 20 October 2025.
Following the block acquisition and conversion of convertible bonds, CFSL now holds 83.82% stake in Vinpai's share capital and 80.86% of its voting rights.
On 23 December 2025, CFSL had announced that it would file, by end of February 2026 a simplified cash tender offer (offre publique d'achat simplifiée) (OPAS) with the French Stock Markets Authority (AMF) for the remaining shares of Vinpai, at the same price as that of the block acquisition, i.e. Euro 3.60 per Vinpai share.
However, due to administrative constraints specific to CFSL related to Indian foreign exchange regulations and due to the proximity of the announced publication date of Vinpai's 2025 annual financial statements on 16 April 2026, CFSL announces that it will have to postpone the filing of its OPAS with the purchase price per Vinpai share under the OPAS remaining at Euro 3.60.
Such filing would take place no later than early May 2026 so that the aforementioned Vinpai financial statements may be incorporated into the documentation relating to the OPAS, and into the independent expert's report.
Furthermore, CFSL is looking at the feasible options for restructuring of its group in Europe, to promote synergies among its European subsidiaries and strengthen its presence in Europe. In view of the same, CFSL wishes to keep Vinpai listed.
Consequently, CFSL announces that it no longer intends to implement a squeeze-out procedure for Vinpai shares from the Euronext Growth Paris market.
Maintaining this listing will allow Vinpai to retain market visibility and have access to the financial markets, ensuring its debt restructuring and supporting the financing of the project's development in Europe, that CFSL group may pursue in the future.