Torrent Pharmaceuticals Ltd. on Wednesday completed the acquisition of smaller rival JB Chemicals & Pharmaceuticals Ltd., creating India's second most valued pharma company. The company has acquired 46.39% of the equity share capital of JB Chemicals on a fully diluted basis from promoter and KKR & Co. afflilate Tau Investment Holdings Pte, according to a stock exchange filing. Ahmedabad-based Torrent Pharma has been classified as a promoter effective Jan. 21.
Last year in June, Torrent Pharma said it will a majority stake in JB Chemicals in a Rs 19,500-crore deal. It involved an upfront purchase of equity worth Rs 11,917 crore, followed by a mandatory open offer for an additional 26% stake from the public shareholders.
JB Chemicals, headquartered in Mumbai, is a listed company on NSE and BSE. Chief Executive Officer Nikhil Chopra has resigned effective March 31, 2026, the company said.
Torrent Pharma will merge JB Pharma into its operations through a scheme of arrangement and JB Pharma shareholders holding 100 shares will receive 51 shares of Torrent after the merger. The board approved a fundraise of Rs 12,500 crore this week via issuance of secured, rated, listed, redeemable Non-Convertible Debentures.
The combined market cap of the two companies is Rs 1.64 lakh crore, just behind Sun Pharmaceuticals Ltd.'s Rs 3.87 lakh crore.
Shares of Torrent Pharma settled 0.5% lower and JB Chemicals closed flat on the BSE, compared to a 0.3% decline in the benchmark Sensex.
ALSO READ: Torrent Pharma Board Approves Rs 12,500 Crore Fundraise Via Issue Of Securities
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