Torrent Pharmaceuticals has executed share purchase agreement (SPA) with employees of the J.B. Chemicals & Pharmaceuticals for acquisition of up to 38,75,056 equity shares, representing 2.41% equity share capital of the J.B. Chemicals & Pharmaceuticals on a fully diluted basis, for a cash consideration, at a price of Rs 1,600 per equity share aggregating to a total consideration of around Rs 620 crore. Further, the company may acquire the balance equity shares forming part of the Potential Acquisition i.e., up to 6,24,726 equity shares, representing 0.39% of the equity share capital of the J.B. Chemicals & Pharmaceuticals, on a fully diluted basis, from certain other employees of the J.B. Chemicals & Pharmaceuticals, at a price not exceeding Rs 1,600 per equity share.
Earlier, the company’s board had approved the acquisition of up to 44,99,782 equity shares, representing up to 2.80% of the equity share capital of the J.B. Chemicals & Pharmaceuticals on a fully diluted basis, from certain employees.
Torrent Pharmaceuticals (Torrent Pharma) is flagship company of the Torrent group, a leader in cardiovascular and central nervous system segments. It also has presence in gastro-intestinal, diabetology, anti-infective and pain management segments.
