JB Chemicals gains 4%, nears 52-wk high as PE firm KKR to acquire 54% stake

After this transaction, an open offer will be launched to acquire 20.93 million fully paid-up equity shares of JB Chemicals, representing 26 per cent of equity.

Shares of J.B Chemicals and Pharmaceuticals surged 3.7 per cent to Rs 742 apiece on the BSE on Friday after the company said global investment firm KKR & Co. Inc. will pick up a controlling stake in the company. As part of the deal, KKR will acquire stake from the founding Mody family at Rs 745 per share, or at 5 per cent premium to Thursday's closing price of Rs 715 on the BSE.

"KKR has entered into an agreement to acquire 41.7 million equity shares of JB Chemicals, representing 54 per cent, from the promoters of the company," said a