Explained: Why JB Chemicals shares plunged over 6% today
Under the agreement, Torrent will first purchase JB Pharma shares worth Rs. 11,917 crore from KKR. Following this, it will launch a mandatory open offer to acquire up to an additional 26% stake from public shareholders at Rs. 1,639.18 per share. That open offer price is below JB Pharma's last closing price, which partly explains Monday's selloff.Torrent also aims to acquire an additional 2.8% from certain JB Pharma employees, and eventually merge the two companies under a proposed scheme of arrangement. As per the merger terms, JB Pharma shareholders will receive 51 Torrent shares for every 100 JB shares held.Torrent's Executive Chairman Samir Mehta said the acquisition and merger will help the company deepen its presence in the Indian market and expand its global footprint. 'This strategic alignment furthers our goal of strengthening our presence in the Indian pharma market and building a larger diversified global presence,' he said.advertisementJB Pharma's CEO Nikhil Chopra echoed the optimism, stating, 'We are confident that the combined strengths of our organisations will unlock greater opportunities to enhance healthcare access across our markets.'KKR, which bought a controlling stake in JB Pharma in 2020 at Rs. 745 per share, is reportedly exiting the investment with a fivefold return, translating to a 36% gross internal rate of return in rupee terms.Torrent Pharmaceuticals has been steadily growing its portfolio of chronic and speciality drugs. JB Pharma, known for gastrointestinal and cardiovascular medicines, has also reported strong recent earnings, making this consolidation a significant reshaping of India's pharma landscape.- Ends
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This allegation, coupled with the growing conversation around remote work transparency, has sparked a fresh round of questions in the startup ecosystem—especially around international hiring at high-profile accelerators like Y Combinator. He lies about his location. We thought we were hiring someone in the US. Even sent a laptop to a US address. Got it back! Allegedly it was sent to his 'sister.' — Suhail (@Suhail) July 2, 2025 Founders who've interacted with Parekh echoed similar stories. Flo Crivello, founder of Lindy, tweeted, 'Fired this morning. He did so incredibly well in interviews, must have a lot of training.' Nicolai Ouporov, CEO of Fleet AI, said Parekh had worked with them too, noting 'he's been doing this for years.' Michelle Lim of Warp added that her team hired Parekh for a trial, but cancelled it immediately after learning of the accusations. Joke aside, the real lesson from Soham is we as an industry ought to do way more public shaming I personally know 4 people(!) who got scammed by him We'd have gone for another month if it wasn't for @Suhail So: I will now post publicly when I'm screwed over by someone in a way… — Flo Crivello (@Altimor) July 2, 2025 We just signed him up for our work trial next week. Saw this tweet. Cancelled work trial. Thank you for sharing! — Michelle Lim (@michlimlim) July 2, 2025 Suhail also wrote, 'Not a joke. This is happening real time. This is the 3rd DM today about someone firing him.' and called the entire thing as, 'Soham-gate.' Not a joke. This is happening real time. This is the 3rd DM today about someone firing him. soham-gate — Suhail (@Suhail) July 2, 2025 Until now, Parekh has stayed silent publicly, but Suhail Doshi revealed that he had reached out to him in private. 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I've been isolated, written off, and shut out by nearly everyone I've known and every company I've worked at.… — Soham Parekh (@realsohamparekh) July 3, 2025 However, as of now, the identity behind the account–and even the real identity of Parekh himself–remains unverified.
