Fri. Mar 29th, 2024
KKR and Jio

Global investment firm KKR & Co. Inc. will pull up a regulating stake in Mumbai-based branded formulation player JB Chemicals and Pharmaceuticals (JB Chemicals).
As part of the deal, KKR will procure the stake from the founding Mody family at Rs 745 per share (or 5 percent rebate to the closing price of Rs 715 on the BSE).

As per the BSE information, KKR has admitted to acquiring 41.7 million equity shares of JB Chemicals, signifying 54 percent from the company’s promoters, as per a company statement on Thursday.

Post this transaction, an open offer will be launched to obtain 20.93 million wholly paid-up equity shares of JB Chemicals, signifying 26 percent. The public proposal is being made at Rs 745 per share, further added the company statement.

Also, the settlement size is assessed to be around $500 million (Rs 3,750 crore).
This is by far the second KKR investment in the past two months. In May, it accepted to invest Rs 11,367 crore ($1.5 billion) in Reliance Industries’ digital assets subsidiary Jio Platforms to acquire a 2.32 percent stake — its most significant investment in Asia.

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