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

Torrent Pharmaceuticals Limited has announced that its Board of Directors has approved the acquisition of 7,44,81,519 equity shares of J.B. Chemicals & Pharmaceuticals Limited from Tau Investment Holdings Pte. Ltd. for a total consideration of approximately INR 11,917 crore. This represents 46.39% of the equity share capital of J.B. Chemicals & Pharmaceuticals Limited on a fully diluted basis. The acquisition is subject to shareholders’ approval and applicable statutory and regulatory approvals. Torrent Pharmaceuticals has also authorized its representatives to negotiate, finalize and execute all necessary documents for the potential acquisition of up to 2.80% of the equity share capital of J.B. Chemicals & Pharmaceuticals Limited from certain employees. Furthermore, Torrent Pharmaceuticals will make an open offer for the acquisition of up to 26.00% of the expanded share capital of J.B. Chemicals & Pharmaceuticals Limited from eligible public shareholders. The company also plans to amalgamate J.B. Chemicals & Pharmaceuticals Limited with Torrent Pharmaceuticals Limited pursuant to a scheme of amalgamation under the Companies Act, 2013.