Private equity firm KKR has launched an offer to offload up to 10.2 per cent of its stake in JB Chemicals and Pharmaceuticals for a deal worth up to $300 million, according to a term sheet viewed by businessline.
According to the term sheet the entire deal consists of a base offer size of 1.06 crore shares or 6.8 per cent of the stake for around $200 million. There is an oversubscription option for up to 53 lakh shares or 3.4 per cent of the equity amounting to $100 million.
The offer floor price is ₹1,708.75 per share, which is a 4.9 per cent discount to the stock’s closing price on the NSE.
The block deal will be executed on Thursday.
KKR, which held 53.66 per cent stake in JB Chemicals at the end of December 2024 through Tau Investment Holdings Pte Ltd, has been looking to exit the company for a while now and was earlier engaged in talks with strategics to exit its investment with a valuation close to $2 billion. However the deal could not go through due to differences over pricing and valuation.
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KKR to kick off exit process from JB Chemicals in tranches later this year
In the first tranche it is likely to sell 20-24 per cent stake worth $650-790 million
In January, the businessline reported that KKR will, depending on market conditions, kick off the process of offloading stakes through block deals in the current year.
JB Chemicals currently has a market cap of ₹26,387 crore, or around $3 billion. Its shares have risen over 9 per cent over the past one month.
