The promoter of JB Chemicals & Pharmaceuticals Ltd. plans to sell up to 15.9 million shares in a block deal valued at Rs 2,576 crore, sources told NDTV Profit on Wednesday.
This offer size represents 10.2% of the company's equity. The shares will be offered at a price of Rs 1,625 apiece, reflecting a 5% discount compared to the current market price.
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Kotak Securities, Jefferies India, IIFL Capital and Avendus Capital are serving as the bankers for this transaction. Following the stake sale, Tau Investments, the promoter of the company, will retain a 43.46% stake in the company, according to the sources aware of the matter.
The company's market cap at the end of Wednesday's trading session was at Rs 26,518 crore.
JB Chemicals's consolidated net profit jumped 22% to Rs 163 crore in the third quarter of the current financial year. The pharmaceutical firm's revenue grew 14% to Rs 963 crore in the December quarter.
Shares of JB Chemicals closed 1.25% lower at Rs 1,708.75 apiece on the National Stock Exchange, compared to a 0.77% rise in the benchmark Nifty. The stock has risen by 5.74% in the last 12 months but declined 7.34% on a year-to-date basis.
Thirteen out of the 15 analysts tracking the company have a 'buy' rating on the stock, one recommends 'hold' and another suggests 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 25.7%.
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