Shares of JB Chemicals surged 2% in trade today to hit a new record high of Rs 1,963.20 amid reports of Torrent Pharma looking to buy KKR’s stake in JB Chemicals and Pharma. A report from TheHinduBusinessLine quoting sources stated that Torrent Pharmaceuticals is likely to take over KKR’s nearly 54% stake in JB Chemicals and Pharmaceuticals for a deal size of Rs 17,000-18,000 crore.
According to the report, KKR had initially started the talks with Torrent Pharma, some other pharma players and also Private Equity players. However, the PE industry is likely to back out of the deal assuming the inflated valuation and hence Torrent Pharma is the top contender for the buyout of KKR’s stake in JB Chemicals & Pharma.
JB Chemicals’ shares have delivered close to 20% returns so far this year.
