JB Chemicals to Get Investment of Rs. 3,100 Crore by Stake Sale to KKR
- Global investment firm KKR & Co. Inc. will pick up a controlling stake in Mumbai-based branded formulation player JB Chemicals and Pharmaceuticals (JB Chemicals).
- As part of the deal, KKR will acquire stake from the founding Mody family at Rs 745 per share (or 5 per cent premium to the closing price of Rs 715 on the BSE).
- According to a BSE notification, KKR has entered into an agreement to acquire 41.7 million equity shares of JB Chemicals, representing 54 per cent, from the promoters of the company, said a company statement.
- After this transaction, an open offer will be launched to acquire 20.93 million fully paid-up equity shares of JB Chemicals, representing 26 per cent. The open offer, too, is being made at a price of Rs 745 per share, said the company statement.
- The deal size is estimated to be around $500 million (Rs 3,750 crore).
- This is the second KKR investment in the past two months. In May, it agreed to invest Rs 11,367 crore ($1.5 billion) in Reliance Industries’ digital assets subsidiary Jio Platforms to acquire 2.32 per cent stake — its largest investment in Asia to date.
About JB Chemicals and Pharmaceuticals–
Established in 1976, J.B.Chemicals & Pharmaceuticals Ltd. (JBCPL) is one of India’s fastest growing pharmaceutical companies. An integrated, research-oriented, public listed organisation with a focus on supplying affordable, quality products both in India and International markets, JBCPL is trusted by healthcare professionals globally. Today, JBCPL exports to over 30 countries across the world and earns more than half its revenue from its international business.
- Founded – 1976
- Headquarters– Mumbai, Maharashtra
- Chairman & Managing Director – Jyotindra Modi
KKR & Co. Inc. is an American global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit, and, through its strategic partners, hedge funds.
- Founded – 1976
- Headquarters– New York, U.S.
- Managing Director(MD), Private Equity, Mumbai– Rupen Jhaveri
- Co-Chairman and Co-CEO– George Roberts
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