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KKR & Co to acquire controlling stake in JB Chemicals and Pharmaceuticals

Friday, 03 Jul 2020
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Global investment firm KKR & Co will pick up a controlling stake in Mumbai-based JB Chemicals and Pharmaceuticals.

As part of the deal, KKR & Co will acquire stake from JB Chemicals and Pharmaceuticals at Rs 745 per share.

After this transaction, an open offer will be launched to acquire 20.93 million fully paid-up equity shares of JB Chemicals and Pharmaceuticals, representing 26 percent. The open offer, too, is being made at a price of Rs 745 per share.

The deal size is estimated to be around USD 500 million (Rs 3,750 crore).

This is the second KKR investment in the past two months. In May 2020, it agreed to invest Rs 11,367 crore (USD 1.5 billion) in Reliance Industries’ digital assets subsidiary Jio Platforms to acquire 2.32 percent stake.

KKR & Co will fund this investment from Asian Fund III. The transaction is subject to regulatory and other customary approvals.

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