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Stock Report
Infinity Holdings Group to acquire majority stake in Jagsonpal Pharmaceuticals Ltd
Posted On : 2022-02-22 08:06:12( TIMEZONE : IST )
Jagsonpal Pharmaceuticals Limited ("Company") has entered into a shareholders' agreement ("SHA") with the Seller Group (comprising of Aresko Progressive Private Limited (acting in capacity as a trustee of the Aresko Progressive Trust and as the representative partner of J&P Investments Partnership) and Rajpal Singh Kochhar) and the Purchaser Group (comprising of Infinity Holdings, Infinity Holdings Sidecar I and Infinity Consumer Holdings (collectively, the "Acquirers")), to record their respective rights and obligations in relation to the Company. The terms of the SHA are proposed to be effective from the date of consummation of the sale of 43.73% of shareholding and voting rights of the Company by the Seller to the Acquirers under the terms of the share purchase agreement dated 21 February 2022 executed between them.
On 21 February 2022, the Purchaser Group and the Seller Group have entered into a share purchase agreement ("SPA") for acquisition and sale of 1,14,55,500 (One Crore Fourteen Lakhs Fifty Five Thousand Five Hundred) equity shares, constituting 43.73% of the voting share capital of the Company, subject to the satisfaction of conditions mentioned in the SPA. The Purchaser Group would also be making an open offer to acquire equity shares of the Company representing 26% (twenty six per cent) in accordance with the applicable requirements of the SEBI (SAST) Regulations.
Pursuant to the open offer and the transactions contemplated in the SPA, the Purchaser Group shall become the promoters of the Company and the Seller Group will continue to also remain classified as 'promoters' of the Company and will hold a significant minority with certain minority interest protection rights.
Shares of Jagsonpal Pharmaceuticals Limited was last trading in BSE at Rs. 204.65 as compared to the previous close of Rs. 210.10. The total number of shares traded during the day was 301160 in over 8193 trades.
The stock hit an intraday high of Rs. 227.35 and intraday low of 201.05. The net turnover during the day was Rs. 65275360.00.
