Torrent Pharma to acquire additional 2.41% stake in JB Chemicals for Rs 620 crore
Torrent Pharmaceuticals
Ltd has entered into a
share purchase agreement
to acquire an additional 2.41% stake in J.B. Chemicals & Pharmaceuticals Ltd from a group of employees for a total cash consideration of Rs 620 crore.
The deal involves the purchase of 38.75 lakh equity shares at a fixed price of Rs 1,600 per share, and follows the exercise of
employee stock options
. The transaction is part of Torrent Pharma's larger plan to acquire a controlling stake in J.B. Chemicals, announced earlier on June 29.
The acquisition is subject to shareholder and regulatory approvals, and is expected to be completed after the controlling stake deal closes, the company said in a stock exchange filing.
by Taboola
by Taboola
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Torrent also clarified that the deal does not qualify as a related-party transaction, and there is no involvement of the promoter group or associated companies in this transaction.
The company further indicated that it may acquire the remaining 0.39% stake around 6.24 lakh shares from other J.B. Chemicals employees in the future, also at a maximum price of Rs 1,600 per share, pending fresh agreements.
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