Liquidity Events
Torrent Pharma acquires JB Chemicals & Pharma from KKR for Rs.19,480-Cr
BSE Announcement Business Line
Ahmedabad-based, publicly-listed Torrent Pharmaceuticals has acquired a controlling stake in Mumbai-based JB Chemicals & Pharmaceuticals from private equity firm KKR for INR 19,480 crore at an equity valuation of INR 25,689 crore. The Target Company had reported a turnover of INR 3,918 crore for FY25.The acquisition of 7,44,81,519 equity shares, representing 46.39% equity stake (on a fully diluted basis) for INR 11,917 crore (INR 1,600 per share) will be followed by a mandatory open offer to acquire 26% (4,17,45,264 equity shares) of JB Pharma shares from public shareholders at an open offer price of INR 1,639.18 per share. In addition, Torrent has also expressed its intent to acquire 2.80% of 44,99,782 equity shares from certain employees of JB Pharma at the same price per share as KKR.Upon completion of the acquisition, JB Chemicals will be merged with Torrent Pharmaceuticals.
In Jul 2020, JB Chemicals & Pharmaceuticals had attracted about INR 3,109 Cr from KKR in return for a majority stake.For FY24, JB Chemicals & Pharmaceuticals had reported about INR 3,484 Cr in Operating Income and about INR 553 Cr in PAT .
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