J B Chemicals & Pharmaceuticals on Monday (31 August) announced that Tau Investments Holdings has acquired control over the company.
On 26 August 2020, the Competition Commission of India (CCI) approved the acquisition of up to 64.90% of share capital of J B Chemicals & Pharmaceuticals by Tau Investment Holdings. Singapore-based Tau Investment is an indirect wholly-owned subsidiary of KKR Asian Fund III. It is an affiliate of funds managed by Kohlberg Kravis Roberts & Co. L.P., which is an indirect subsidiary of KKR & Co. Inc.
In July 2020, Tau Investment made an open offer to acquire up to 26% stake of JB Chemical from its existing shareholders at the offer price of Rs 745 per equity share. On 31 August 2020, Tau Investments Holdings completed the acquisition from the promoters of the company.
As a result of change in control of the company, the board of directors has appointed, three additional directors (non-executive & independent) and five additional directors (non-executive), effective 31 August 2020.
These appointments have been made with a view to achieve diversity of thought, knowledge and perspective in the company's board of directors. These directors, in their present capacity as additional directors, would hold office up to the date of annual general meeting to he held in the year 2021. None of the afore mentioned director is related to any other director.
Also Read
Further, Pranabh Mody has stepped down from his executive role as president & whole time director (operations). He thus would serve as non-executive director of the company.
Shirish B. Mody, chairman and whole time director (marketing), Bharat Mehta, whole time director (planning and development) and Kamlesh Udani, executive director (technical & production) have resigned effective from 31 August 2020.
Jay Mehta, president - global business (Russia-CIS) and CRAMS and Nirav Mody, president-global business & business development, have resigned from services of the company effective 31 August 2020.
Shares of J.B. Chemicals & Pharmaceuticals fell 0.63% to Rs 765 on BSE. The scrip hovered in the range of Rs 753.95 to Rs 767.55 in intraday.
On the technical front, the stock's RSI (relative strength index) stood at 49.488. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day moving average (DMA) placed at 738.20 and its 200-day moving average (DMA) placed at 581.29.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
