Convergent Finance to acquire controlling stake in Jagsonpal Pharma for Rs 268 crore
Mumbai: Funds managed by Infinity Investment Management and advised by Convergent Finance LLP, announced the execution of an agreement with the existing promoter shareholders of Jagsonpal Pharmaceuticals Limited to acquire approximately 43.7% of the outstanding shares of Jagsonpal at a price per share of INR 235 for a total consideration of INR 2,692 mm (USD 36.0 mm).
Jagsonpal's shares are listed on the Bombay Stock Exchange and National Stock Exchange. The proposed transaction will trigger a mandatory open offer for an additional 26% of the outstanding shares in accordance with applicable regulations of the Securities and Exchange Board of India.
The transaction is subject to conditions precedent (including the completion of the open offer). The acquisition as well as the open offer are expected to close during the quarter ended June 2022.
Rajpal Singh Kochhar, the Chairman & Managing Director, remarked, "We are excited to have the Convergent Funds as committed long-term partners. We are extremely impressed by the Convergent Funds' partnership model and track record of value creation through operational improvements and efficient capital allocation. I believe this will greatly benefit the company and its stakeholders. Going forward, while the Convergent Funds will work extensively with company management in building the business, we will support the business with our legacy knowledge, pharmaceutical expertise, and industry connects."
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