Jubilant Life Sciences demerges agri, polymer biz

Jubilant Life Sciences today said it has demerged the entity's agri and performance polymers business into an independent company Jubilant Industries.

 

The demerger, which came into effect from November 15, is part of efforts to create an entity that would be focused on life sciences, Jubilant Life Sciences said in a statement.

 

"This demerger will enable focused growth across businesses for both the entities and will allow the companies to deliver value to its stakeholders," the firm said.

 

Shares of Jubilant Industries would also be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange.

 

As part of the demerger, shareholders of Jubilant Life Sciences would be entitled to get one share of Jubilant Industries for every 20 shares held in the company.

 

On November 27, Jubilant Industries allotted 79.64 lakh shares of Rs 10 each to Jubilant Life Sciences' shareholders.

 

According to the statement, post demerger, the conversion price for the outstanding foreign currency convertible bonds (FCCBs) worth $142 million, would be reset.

 

"The conversion price of Rs 413.45 per share of Jubilant Life Sciences has to be reset at Rs 379 per share...," the company added.

 

Shares of Jubilant Life Sciences today closed at Rs 275.15 on the BSE, up 2.61 per cent from its previous close.