Torrent Pharma shares in focus after Rs 11,900 crore JB Chemicals acquisition
Shares of Torrent Pharmaceuticals are likely to be in the spotlight on Monday, June 30, after the company announced a major acquisition worth Rs 11,917 crore to acquire a controlling stake in J.B. Chemicals & Pharmaceuticals Ltd, another player in the pharmaceutical sector.
ADVERTISEMENT In a board meeting held on June 29, Torrent Pharma approved a multi-step transaction to acquire a majority stake in JB Chemicals. The acquisition comprises the following:
Share Purchase Agreement (SPA): Torrent will acquire 7.44 crore equity shares, representing 46.39% of JB Chemicals' fully diluted equity share capital, from its promoter, Tau Investment Holdings Pte Ltd, at Rs 1,600 per share, amounting to approximately Rs 11,917 crore, subject to shareholder and regulatory approvals.
Potential Employee Acquisition: Torrent may further acquire up to 44.99 lakh equity shares (2.80%) from certain employees at a price not exceeding Rs 1,600 per share, through employee stock options.Open Offer: Torrent has also proposed an open offer to public shareholders to acquire up to 4.17 crore shares (26.00%) of the expanded capital at Rs 1,639.18 per share, in accordance with SEBI's Takeover Regulations.Post-acquisition, Torrent will gain promoter status and a controlling interest in JB Chemicals, positioning it to expand its product offerings and leverage synergies between the two firms.
ADVERTISEMENT JB Chemicals, incorporated in 1976, is a publicly listed company with a consolidated turnover of Rs 3,918 crore and a net worth of Rs 3,433 crore as of March 31, 2025. The company has consistently maintained strong financial performance over the last three years.The proposed acquisition is subject to approvals from the Competition Commission of India (CCI), shareholders, and other statutory bodies. Torrent Pharma anticipates completing the deal within six months.
ADVERTISEMENT
On Friday, shares of Torrent Pharmaceuticals closed 3.7% higher at Rs 3,344.40 on BSE.
Also read: Nifty ready to scale new highs on bullish mood: Analysts
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
(You can now subscribe to our ETMarkets WhatsApp channel)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
27 minutes ago
- Time of India
Stocks in news: Federal Bank, Apollo Hospitals, JK Cement, HCL Tech, Bharat Forge
Markets began the week on a soft note, slipping nearly half a percent as they took a breather following the recent surge. In today's trade, shares of Federal Bank , Apollo Hospitals , JK Cement , HCL Tech , Bharat Forge among others will be in focus due to various news developments. Apollo Hospitals Apollo Hospitals plans major restructuring, approved the demerger, mergers and new listing of Apollo Healthtech. Kalpataru Projects Kalpataru Projects announced securing new orders worth Rs 989 crore in the power transmission and distribution (T&D) sector. SJVN SJVN arm Green Energy has begun commercial electricity supply of an additional 100.02 MW from its 1,000 MW solar power project at Bikaner in Rajasthan from Monday. Federal Bank Federal Bank board approved fundraising plans through equity and debt instruments up to Rs 6,000 crore Live Events CG Power CG Power opened its qualified institutional placement (QIP), indicative total issue size at Rs 3,000 crore, according to reports. Hindustan Copper Hindustan Copper signed an MoU with Coal India for Copper, critical minerals exploration. Bharat Forge Bharat Forge board approved the defence business transfer to Kalyani Strategic Systems arm via Optionally Convertible Redeemable Preference Shares (OCRPs) for Rs 500 crore ESAF SFB ESAF Small Finance Bank transfered its NPA and technically written-off loans worth Rs 733 crore to an ARC for Rs 73.34 crore. Godrej Industries Godrej Industries raised its take in arm Godrej Capital to 90.89% from 89.48%with an investment of Rs 285 crore. Uno Minda Uno Minda completed the acquisition of 1.69 crore shares (49.90% stake) of UnoMinda EV Systems from FRIWO GmbH for Rs 141.27 crore. HCL Tech HCLTech and OpenAI announced collaboration to accelerate enterprise-scale AI adoption. Ashok Leyland S Mahesh Babu resigned as the CEO of Switch Automotive Mobility with effect from August 31. Ganesh Mani takes additional charge. JK Cement JK Cement declared a final dividend of Rs 15 per share for FY25. Can Fin Homes Can Fin Homes appointed Abhishek Mishra as CFO for three years with effect from June 30.
Time of India
28 minutes ago
- Time of India
India rising as Big Tech breaks bank for AI talent
ETtech With Meta 's Mark Zuckerberg hunting for top AI talent with $100 million packages, other large tech companies may follow suit and the price of AI talent globally is expected to be pushed up, experts said. India however retains an edge due to the lower cost and may see some jobs being routed AI talent generally costs around 15–25% of what companies pay in global hubs like the US, particularly for senior and research-level roles, according to AMS in the US or UK/Europe are almost five times more than the Indian average for similar skill sets, as per Teamlease Digital. For mid-level skills such ML Engineers or Data scientists with experience, the salary difference is about two to three times.'We will continue to see more AI jobs routed to India, especially for engineering, implementation, and mid-tier research roles, as global salary inflation and talent shortages make India's cost-quality equation quite favourable,' said Roop Kaistha, regional managing director-APAC, cost advantage remains meaningful, particularly for execution and scaled development roles in AI, ML Ops, and data engineering, she senior AI researchers in the US attract packages of $500,000 to $1 million or more, in India they earn about Rs 60-80 lakhs annually, as per recruitment firm Adecco.'This (Meta's) offer raises the benchmark rates for this talent worldwide,' said Sunil Chemankotil, country manager for India at recruitment firm Adecco. 'The dual advantage India offers is cost and talent arbitrage - this will help organisations to scale up rapidly.'The country has a growing AI talent pool, particularly in applied AI and engineering, he India still lags in the top-end of AI R&D talent that is likely to bag the top-dollar packages globally and needs to significantly scale up this kind of talent and expertise, experts most AI-related jobs that come to India are in areas like data modelling, annotation and AI/ML integration, said Neeti Sharma, CEO, Teamlease Digital. For India to go up the value chain towards innovation driven roles, we need to make investments in creating a continuously upskilling ecosystem that enables us to get on to core AI innovation.'For advanced research, talent matters more than cost—global companies will pay top dollar for the best people, wherever they are,' Sharma said, adding that migration of jobs to India will continue given the large pool of foundational tech skills needed for AI and that comes at a competitive cost.'Indian talent remains cost-competitive and highly skilled in implementation roles but is only beginning to break into the uppermost tier of global AI R&D leadership,' said the foreseeable future, and until the startup ecosystem in India matures further, the ultra-elite, $100 million 'superintelligence' researchers will remain concentrated in places like the US, she Indian-origin researchers are already leading global AI labs, and with continued investment in research and education, the IndiaAI Mission, and the startup ecosystem, India will be able to compete at the highest levels, said Chemmankotil.
Time of India
39 minutes ago
- Time of India
GMC rolls back property tax hike
Ghaziabad: Ghaziabad Municipal Corporation (GMC) board on Monday repealed its earlier decision to hike property tax in the city. The new tax structure came into effect on April 1 this year, but there has been growing opposition to it from RWAs and trader associations, forcing councillors of each ward to request the board to reconsider its decision. Mayor Sunita Dayal called a special board meeting to discuss the issue, and after a heated debate in the house, the board repealed the decision. The board meeting was attended by Ghaziabad MP Atul Garg, MLAs Sunil Sharma from the Sahibabad assembly constituency, Sanjeev Sharma from the city and Ajitpal Tyagi from the Muradnagar constituency. Dayal said, "The hiked property tax stands repealed. GMC will not send notices to residents on the hiked tax slab. In the meantime, we have outsourced 100 employees who will carry out an inspection to redress anomalies on the complaint of residents over erroneous tax notices." You Can Also Check: Noida AQI | Weather in Noida | Bank Holidays in Noida | Public Holidays in Noida However, municipal commissioner Vikramaditya Singh Malik said, "The GMC board's decision will be sent to the state govt and since the issue is also sub-judice — as a case has been filed in Allahabad HC — we will wait for the state govt and the court's decision before the board's decision is put into effect." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Gentle Japanese hair growth method for men and women's scalp Hair's Rich Learn More Undo Former GMC councillor Rajendra Tyagi, in the last week of May, filed a case in the HC against GMC's decision to impose an increased property tax. Tyagi said, "As per municipal rules, GMC can hike property tax once every two years. In FY 2023-24, the tax was increased by 10% and for this financial year, it has been increased again, which is about three to four times higher. It was a violation of rules, so I filed a case. Now, when the GMC board has repealed its decision, on the next date of hearing, which is on July 29, GMC will furnish a reply in which the board's decision will be stated. " "The court might consider dropping the hiked property tax point, but there are three more points on which the court will still hear the matter. In my plea, I also sought the court's intervention over GMC's decision to levy a uniform tax slab on all types of properties. As per municipal rules, a municipal corporation will give a rebate of 25% of the Annual Rental Value (ARV) on residential buildings that are 10 years old, 32.40% of ARV on buildings that are between 10-20 years, and 40% of ARV on buildings over 20 years old," Tyagi added. The property tax rates before April 1 were between Rs 0.32/sq foot on properties with less than 12m of road width, Rs 0.48 to Rs 2 for roads 12–24 metres wide and Rs 0.65 to Rs 2.4 for wider roads. The revised rate is between Rs 0.75/sq foot to Rs 4/sq foot. In March this year, the board passed the proposal to link tax with the DM circle rate. GMC calculates tax based on the annual rental value (ARV) of a property.
