KKR Divests Stake in JB Chemicals, Shares Plunge

Global investment firm KKR sold a 5.8% stake in JB Chemicals & Pharmaceuticals for Rs 1,460 crore via open market deals. Subsequently, Kotak Mahindra Mutual Fund acquired a 0.8% stake. Post-sale, KKR's affiliate Tau Investment Holdings reduced its holding from 53.66% to 47.88%. JB Chemicals' stock declined by over 6% on the NSE.

Global investment firm KKR has divested a 5.8% stake in JB Chemicals & Pharmaceuticals, raising Rs 1,460 crore through open market transactions. The shares were sold in four distinct transactions on the National Stock Exchange (NSE) by KKR's affiliate, Tau Investment Holdings Pte, which is the promoter of the Mumbai-based pharmaceutical company.

According to bulk deal data, Tau Investment Holdings offloaded over 89.83 lakh shares, translating to a 5.78% stake, at a price range of Rs 1,625-1,625.34 per share. This transaction brings the firm's total holdings in JB Chemicals down to 47.88% from 53.66%.

Meanwhile, Kotak Mahindra Mutual Fund purchased more than 12.30 lakh shares, equivalent to a 0.8% stake, at an average price of Rs 1,625 per share, amounting to a transaction value of Rs 200 crore. Other buyers remain unidentified. Shares of JB Chemicals dropped by 6.15% to Rs 1,603.65 on the NSE following the announcement.

(With inputs from agencies.)