India, June 29 -- Torrent Pharmaceuticals Limited (TORNTPHARM) announced that it has agreed to acquire controlling stake of 46.39 percent equity stake in J. B. Chemicals and Pharmaceuticals (JBCHEPHARM) from KKR through a Share Purchase Agreement for Rs 11,917 crore at a price of Rs 1,600 per share.
Further, Torrent Pharma said it will make mandatory open offer to acquire up to 26 percent of JB Pharma shares from public shareholders at an open offer price of INR 1,639.18 per share.
In addition to the above, Torrent has also expressed its intent to acquire up to 2.80% of equity shares from certain employees of JB Pharma at the same price per share as KKR. The merger between Torrent and JB Pharma will be through a scheme of arrangement.
As...