Bullish indicating open at $55-$60, IPO prices at $37
Investing.com -- KKR has agreed to sell its 46.39% stake in India-listed J.B. Chemicals & Pharmaceuticals to Torrent Pharmaceuticals (NSE:TORP) for $1.4 billion.
The private-equity firm announced the deal late Sunday, which will be followed by a merger between the two pharmaceutical companies through a scheme of arrangement.
Under the merger terms, shareholders owning 100 shares of J.B. Chemicals will receive 51 shares of Torrent Pharmaceuticals.
Samir (CSE:SAM) Mehta, Executive Chairman of Torrent, said: "This strategic alignment furthers our goal of strengthening our presence in the Indian pharma market, and build a larger diversified global presence."
The transaction will help Torrent Pharmaceuticals expand its footprint in the Indian pharmaceutical sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.