Convergent Finance to acquire controlling stake in Jagsonpal Pharmaceuticals
The proposed transaction will trigger a mandatory open offer for an additional 26 per cent of the outstanding shares in accordance with applicable regulations of SEBI
Funds managed by Infinity Investment Management and advised by Convergent Finance (Convergent Funds), announced the execution of an agreement with the existing promoter shareholders of Jagsonpal Pharmaceuticals to acquire approximately 43.7 per cent of the outstanding shares of Jagsonpal at a price per share of Rs 235 for a total consideration of Rs 2,692 mm (36.0 mm), the companies said in a statement.
The statement also said that Jagsonpal’s shares are listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The proposed transaction will trigger a mandatory open offer for an additional 26 per cent of the outstanding shares in accordance with applicable regulations of the Securities and Exchange Board of India (SEBI).
The transaction is subject to conditions precedent (including the completion of the open offer). The acquisition as well as the open offer are expected to close during the quarter ended June 2022, added the statement.
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