Torrent Pharma in spotlight after agreeing to acquire JB Chemicals for Rs 11,900 crore
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Shares of Torrent Pharmaceuticals are likely to be in the spotlight on Monday, June 30, after the company agreed to buy a controlling stake in J.B. Chemicals & Pharmaceuticals Ltd in a major acquisition worth Rs 11,917 crore. In a board meeting held on June 29, Torrent Pharma approved a multi-step transaction to acquire a majority stake in JB Chemicals. The acquisition comprises the following: Share Purchase Agreement (SPA): Torrent will acquire 7.44 crore equity shares, representing 46.39% of JB Chemicals' fully diluted equity share capital, from its promoter, Tau Investment Holdings Pte Ltd, at Rs 1,600 per share, amounting to approximately Rs 11,917 crore, subject to shareholder and regulatory approvals. Potential Employee Acquisition: Torrent may further acquire up to 44.99 lakh equity shares (2.80%) from certain employees at a price not exceeding Rs 1,600 per share, through employee stock options. Open Offer: Torrent has also...