KKR Sells 5.8% Stake in JB Chemicals for Rs 1,460 Crore

New Delhi, Mar 27 (PTI) Global investment firm KKR on Thursday divested a 5.8 per cent stake in JB Chemicals & Pharmaceuticals for Rs 1,460 crore through open market transactions.

New York-based KKR offloaded shares in four separate transactions on the National Stock Exchange (NSE). KKR-affiliate Tau Investment Holdings Pte is the promoter of JB Chemicals & Pharmaceuticals.

As per the bulk deal data, Tau Investment Holdings sold a little over 89.83 lakh shares, amounting to a 5.78 per cent stake in Mumbai-based JB Chemicals & Pharmaceuticals.

The shares were disposed of in the price range of Rs 1,625-1,625.34 apiece, taking the combined deal value to Rs 1,459.84 crore.

After the sale, Tau Investment Holdings' stake in JB Chemicals & Pharmaceuticals has come down to 47.88 per cent from 53.66 per cent.

Meanwhile, Kotak Mahindra Mutual Fund purchased more than 12.30 lakh shares or 0.8 per cent in JB Chemicals & Pharma at an average price of Rs 1,625 per piece. The total deal value was Rs 200 crore.

Details of the other buyers of JB Chemicals & Pharmaceuticals shares could not be ascertained on the exchange.

On Thursday, shares of JB Chemicals & Pharmaceuticals plunged 6.15 per cent to close at Rs 1,603.65 apiece on the NSE.

In 2020, KKR bought a 65 per cent stake in JB Chemicals & Pharmaceuticals. Established in 1976, JB Pharma produces a range of pharmaceuticals in areas such as gastroenterology, dermatology and diabetes, etc.