NovaaOne Capital Private Ltd has submitted to the Exchange a copy of Public announcement under Regulation 3(1) and 4 Read with Regulations 13(1), 14 and 15(1) of the securities and exchange Board of India ( SAST) Regulations, 2011 as amended.
JBCHEPHARM · price
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Torrent Pharmaceuticals Limited has announced an open offer to acquire up to 4.17 crore equity shares (26% of expanded share capital) of JB Chemicals & Pharmaceuticals at Rs 1,639.18 per share, totalling about Rs 6,843 crore. This is triggered by a Share Purchase Agreement where Torrent will buy 7.45 crore shares (46.39%) from the existing promoter Tau Investment Holdings at Rs 1,600 per share, valued at Rs 11,917 crore. Post-transaction, Torrent's stake will rise to up to 72.39% in JB Chemicals, making it the new promoter. Additionally, the boards have approved a scheme of amalgamation to merge JB Chemicals into Torrent Pharmaceuticals. The deal is subject to Competition Commission of India approval and shareholder consent for increased borrowing limits at Torrent.
Existing public shareholders of JB Chemicals get a chance to tender shares at a premium and exit at Rs 1,639.18, well above current market levels. The proposed merger means JB Chemicals will eventually cease to exist as a listed entity, though Torrent has stated it does not currently intend to delist. The stock is likely to trade near the open offer price until the deal concludes.