Latest News | Promoter KKR Sells 5.8 Pc Stake in JB Chemicals & Pharma for Rs 1,460 Crore
Get latest articles and stories on Latest News at LatestLY. Global investment firm KKR on Thursday divested a 5.8 per cent stake in JB Chemicals & Pharmaceuticals for Rs 1,460 crore through open market transactions.
New Delhi, Mar 27 (PTI) Global investment firm KKR on Thursday divested a 5.8 per cent stake in JB Chemicals & Pharmaceuticals for Rs 1,460 crore through open market transactions.
New York-based KKR offloaded shares in four separate transactions on the National Stock Exchange (NSE). KKR-affiliate Tau Investment Holdings Pte is the promoter of JB Chemicals & Pharmaceuticals.
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As per the bulk deal data, Tau Investment Holdings sold a little over 89.83 lakh shares, amounting to a 5.78 per cent stake in Mumbai-based JB Chemicals & Pharmaceuticals.
The shares were disposed of in the price range of Rs 1,625-1,625.34 apiece, taking the combined deal value to Rs 1,459.84 crore.
After the sale, Tau Investment Holdings' stake in JB Chemicals & Pharmaceuticals has come down to 47.88 per cent from 53.66 per cent.
Meanwhile, Kotak Mahindra Mutual Fund purchased more than 12.30 lakh shares or 0.8 per cent in JB Chemicals & Pharma at an average price of Rs 1,625 per piece. The total deal value was Rs 200 crore.
Details of the other buyers of JB Chemicals & Pharmaceuticals shares could not be ascertained on the exchange.
On Thursday, shares of JB Chemicals & Pharmaceuticals plunged 6.15 per cent to close at Rs 1,603.65 apiece on the NSE.
In 2020, KKR bought a 65 per cent stake in JB Chemicals & Pharmaceuticals. Established in 1976, JB Pharma produces a range of pharmaceuticals in areas such as gastroenterology, dermatology and diabetes, etc.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)