Torrent Pharma gets CCI nod to acquire majority stake in KKR-backed JB Chemicals — Details here

Gujarat-based pharma major, Torrent Pharmaceuticals, on Tuesday, 21 October 2025, received the approval from India's antitrust regulator, the Competition Commission of India (CCI), to acquire a majority stake in KKR-backed JB Chemicals.

According to an exchange filing, CCI approved the majority stake acquisition move, provided the parties comply with the voluntary modifications, which will be outlined in the regulator's final order.

“This is to inform you that the Competition Commission of India (CCI) has granted its approval for the transaction on 21st October, 2025, subject to the parties complying with voluntary modifications to be outlined in CCI’s final order,” the company informed the stock exchanges through its filing.

Torrent Pharma, JB Chemical shares in focus

After the Muhurat Trading session 2025, Torrent Pharmaceuticals (Torrent Pharma) shares closed 0.55% higher at ₹3,590.15 on Tuesday, compared to ₹3,570.40 at the previous market close.

JB Chemicals & Pharmaceuticals (JB Chemical) shares closed 0.14% higher at ₹1,692.35 after the one-hour market session on Tuesday, compared to ₹1,689.90 at the previous trading close.

The stock markets opened for the auspicious one-hour-long trading session on Tuesday, 21 October 2025, to celebrate the beginning of Samvat 2082. The stock markets remained closed on Wednesday, 22 October 2025, on account of the Diwali Balipratipada holiday.

Shares of both companies will be in focus of the stock market investors on Thursday, 23 October 2025, as the company disclosed the information about the CCI nod late night on Tuesday.

Torrent Pharma-JB Chemical deal details

Mint reported earlier that Torrent Pharma is set to acquire a 46.39% stakeholding in JB Chemical through a share purchase agreement (SPA), which will amount to ₹11,917 crore at the rate of ₹1,600 per share.

According to the official announcement, the acquisition deal will be carried out in two phases, with the first phase of a mandatory open offer to buy up to 26% of JB Chemical shares from public stakeholders. The price of the open offer will be at ₹1,639.18 apiece.

The second phase of the deal will be Torrent looking to acquire another 2.80% stake from the company employees who hold a stake in the firm, at the same price per share which investment giant KKR is selling its shares.

After the share acquisition deal, Torrent Pharma also plans to execute a merger between Torrent and JB Chemicals through an arrangement where every shareholder holding 100 shares in JB Chemicals will receive 51 shares of Torrent Pharma.

“Torrent’s deep India presence and JB Pharma’s fast-growing India business, combined with the CDMO and international footprint, offers immense potential to scale both revenue and profitability,” said Samir Mehta, the Executive Chairman of Torrent Pharma, in its official announcement on 29 June 2025.

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