Torrent Pharma Plans ₹14,000 Crore Bond Issue to Fund JB Chemicals Acquisition

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is planning to raise ₹14,000 crore through non-convertible debentures (NCDs) to finance its acquisition of JB Chemicals & Pharmaceuticals. The bonds, rated AA+ and priced around 7.5%, will have an average maturity of up to three years with repayments beginning in March 2027. The acquisition includes buying 46.39% of JB Chemicals from KKR and 2.41% from employees, valued at ₹12,532 crore, triggering a mandatory open offer to acquire up to 26% from public shareholders at ₹1,639.18 per share (worth ₹6,843 crore). Torrent plans to merge JB Chemicals post-acquisition, offering 51 Torrent shares for every 100 JB shares, subject to regulatory approvals from CCI, NCLT, and others.