Torrent Pharmaceutical Ltd announced on Thursday an open offer to acquire a stake worth Rs 6,843 crore in JB Chemicals and Pharmaceuticals Ltd.
The move comes after the company announced earlier this year that it will acquire a controlling stake in JB Chemicals from global investment firm KKR in a deal valued at Rs 25,689 crore on a fully diluted basis.
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The Ahmedabad-based firm will acquire 26% stake in the company at a price of Rs 1,639.18 per share, according to the exchange filing on Thursday.
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On July 18, Ahmedabad-based Torrent Pharmaceuticals had sought fair trade regulator CCI's clearance to acquire a majority stake in in JB Chemicals and Pharmaceuticals in a Rs 19,500-crore deal. The company on Aug. 10 also submitted an application to the Competition Commission of South Africa to obtain the necessary approval.
Once the deal is finalised, Torrent Pharmaceuticals will become India's second most valued pharma company.
Torrent in June had signed definitive agreements to acquire 46.39% equity in JB Pharma at a price of Rs 1,600 per share in the first phase, translating to a transaction value of Rs 11,917 crore, according to a statement to the exchanges. The deal will trigger a mandatory open offer for an additional 26% stake at a price of Rs 1,639.18 per share.
Torrent has also said that it intends to acquire up to 2.80% of equity from certain JB Pharma employees at the same price as KKR.
Following the stake acquisition, Torrent will merge JB Pharma into its operations through a scheme of arrangement, the company said, adding that JB Pharma shareholders holding 100 shares will receive 51 shares of Torrent after the merger.
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