Torrent Pharmaceuticals to Acquire 2.41% Stake in J.B. Chemicals & Pharmaceuticals from Employees

Torrent Pharmaceuticals Ltd. has entered into a share purchase agreement with certain employees of J.B. Chemicals & Pharmaceuticals Limited to acquire up to 38,75,056 equity shares, representing 2.41% of the equity share capital of the Target Company on a fully diluted basis. The acquisition is priced at INR 1,600/- per equity share, amounting to approximately INR 620,00,89,600/-. The acquisition is subject to receipt of shareholders’ approval and applicable statutory and regulatory approvals, and is expected to be completed after the acquisition of the controlling stake in the Target Company. The transaction does not fall within related party transaction.