JB Chemicals & Pharmaceuticals to be Acquired by Torrent Pharmaceuticals for 46.39% Stake

JB Chemicals & Pharmaceuticals Ltd. has announced that its board of directors has approved the execution of a share purchase agreement with Tau Investment Holdings Pte. Ltd. and Torrent Pharmaceuticals Limited. According to the agreement, Torrent will acquire 46.39% of the expanded share capital of JB Chemicals & Pharmaceuticals from Tau. This acquisition will give Torrent voting rights in excess of 25% of the expanded share capital and control over the company, in accordance with the applicable provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The board also approved a scheme of amalgamation between the company and Torrent, subject to customary statutory and regulatory approvals.