Torrent Pharma's Strategic Acquisition Boosts Market Standings
Shares of J B Chemicals dropped nearly 7% after Torrent Pharma announced acquiring a majority stake for Rs 19,500 crore, set to make it India's second top pharma company. Torrent Pharma's shares gained by close to 2% following the announcement.
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On Monday, shares of J B Chemicals and Pharmaceuticals plummeted almost 7% following Torrent Pharma's revelation of acquiring a majority stake in the company in a significant deal valued at Rs 19,500 crore.
The stock saw a decrease to settle at Rs 1,679.80 per share on the BSE, after dipping as low as Rs 1,675.05 earlier. In contrast, Torrent Pharma experienced a 1.95% rise on the BSE, reaching Rs 3,409.70, with an intraday high of Rs 3,474.60.
This acquisition cements Torrent Pharma's position as India's second top pharma company, involving a 46.39% stake purchase from Tau Investment Holdings, totaling Rs 11,917 crore, and an additional 2.80% from JB Chemicals' employees. An open market offer will follow, priced at a discount.
(With inputs from agencies.)
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