Torrent Pharmaceuticals to Acquire 46.39% Stake in J.B. Chemicals & Pharmaceuticals for INR 11,917 Crore

Torrent Pharmaceuticals Ltd. has approved the acquisition of 7,44,81,519 equity shares of J.B. Chemicals & Pharmaceuticals Ltd., representing 46.39% of the equity share capital on a fully diluted basis, from Tau Investment Holdings Pte. Ltd. for a total consideration of approximately INR 11,917 crore. The acquisition is subject to shareholders’ approval and applicable statutory and regulatory approvals. The company may also acquire up to 2.80% of the equity share capital from certain employees of the Target Company. Additionally, Torrent Pharmaceuticals will make an open offer for up to 26.00% of the expanded share capital of the Target Company.