JB Chemicals soared 3 per cent to an intra-day high of Rs 742 on the BSE after global investment firm KKR said that it entered into a definitive agreement to purchase a controlling stake of 54 per cent in the Mumbai-based pharma company. At 12:30 pm,the shares of JB Chemicals were trading at Rs 720, higher by 0.6 per cent, on the BSE after opening at Rs 740 and touching a high of Rs 742.
KKR will acquire the stake from the founding Mody family at a price of Rs 745 per share and make an open offer for an additional 26 percent stake in the company.
This is KKR's second investment in India in the past two months. In May, KKR had invested Rs 11,367 crore ($1.5 billion) in Reliance Industries' digital assets arm Jio Platforms for a stake of 2.32 per cent, its largest investment in Asia till date.
JB Chemicals supplies affordable, high-quality products in the cardiac, gastrointestinal and anti-infective therapeutic areas across the branded formulations market.
The BSE Sensex was trading at 36,065, higher by 222 points or 0.6 per cent and the NSE Nifty was at 10,619, up 67 points or 0.6 per cent at the time.