Torrent Pharma announces open offer for J.B. Chemicals shares

Ahmedabad-based Torrent Pharmaceuticals Limited has announced an open offer to acquire up to 41,745,264 equity shares of J.B. Chemicals & Pharmaceuticals Limited, representing 26% of the expanded share capital. The offer, managed by NovaaOne Capital Private Limited, is priced at INR 1,639.18 per share, aggregating to a total consideration of INR 6,842,80,01,844, assuming full acceptance. This open offer is triggered by Torrent Pharma's share purchase agreement to acquire 46.39% of J.B. Chemicals from promoter Tau Investment Holdings Pte. Ltd., at INR 1,600 per equity share, for a total of INR 1,19,17,04,30,400. The transaction is subject to regulatory approvals, including that of the Competition Commission of India, and approval from Torrent Pharma’s shareholders.