Big Deal: Pharma company worth Rs 29000 crore is being sold – announcement can be made anytime
Promoter KKR & Co. is planning to sell some of its stake in pharma sector company JB Chemicals and Pharmaceuticals. According to information provided by Bloomberg, KKR can sell this stake through block trade in the market. New York and Hong Kong based investment and advisory firm Tau Investment Holdings holds 53.74 percent stake in JB Pharma. Which is a subsidiary of KKR & Co. KKR took a majority stake in JB Chemicals in 2020 through Tau Investment. In Wednesday’s trading, the stock of JB Chemicals closed at 1890 with a gain of more than 2 percent. What is the matter-
Bloomberg has reported citing sources that the American PE company is planning to sell equity worth $750 million in collaboration with an investment bank. According to the source, if there is demand from investors, then the equity sale can be increased to $100 million. Which is equivalent to a value of more than Rs 8 thousand crores. Currently, the market value of JB Chemicals is equal to Rs 29354 crore. So far this year, the stock of JB Chemicals has increased by 16 percent.
According to the source, discussions are going on about the stake sale and no final decision has been taken yet. However, a decision on the stock sale may come in the next few weeks. Investment in JB Chemicals has been a profitable deal for KKR. Ever since KKR announced the purchase of stake in the company, the stock has increased by 430 percent.
