KKR divests 5.8 percent stake in JB Chemicals & Pharma for Rs 1460 crore
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New Delhi: KKR, the U.S.-based private equity giant, has divested a 5.8 per cent stake in JB Chemicals & Pharmaceuticals for Rs 1,460 crore through open market transactions.
The investment firm offloaded shares in four separate transactions on the National Stock Exchange (NSE).
According to the bulk deal data, Tau Investment Holdings sold a little over 89.83 lakh shares, amounting to a 5.78 per cent stake in Mumbai-based JB Chemicals & Pharmaceuticals.
The shares were disposed of in the price range of Rs 1,625-1,625.34 apiece, taking the combined deal value to Rs 1,459.84 crore, PTI reported.
After the sale, Tau Investment Holdings' stake in JB Chemicals & Pharmaceuticals has come down to 47.88 per cent from 53.66 per cent.
KKR-affiliate Tau Investment Holdings Pte is the promoter of JB Chemicals & Pharmaceuticals.
Meanwhile, Kotak Mahindra Mutual Fund purchased more than 12.30 lakh shares or 0.8 per cent in JB Chemicals & Pharma at an average price of Rs 1,625 per piece. The total deal value was Rs 200 crore.
Details of the other buyers of JB Chemicals & Pharmaceuticals shares could not be ascertained on the exchange.
On Thursday, shares of JB Chemicals & Pharmaceuticals plunged 6.15 per cent to close at Rs 1,603.65 apiece on the NSE.
Medical Dialogues team had earlier reported that KKR & Co. had explored a partial divestment of its controlling stake in JB Chemicals & Pharmaceuticals Ltd. (JB Pharma) through a block trade in the market.
In 2020, KKR bought a 65 per cent stake in JB Chemicals & Pharmaceuticals. Established in 1976, JB Pharma produces a range of pharmaceuticals in areas such as gastroenterology, dermatology and diabetes, etc.
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