Jubilant Ingrevia rises 5% as Rakesh Jhunjhunwala raises stake in firm

Shares of Jubilant Ingrevia were locked in 5 per cent upper circuit limit at Rs 299 on the BSE, also its fresh 52-week high, in Tuesday's intra-day session after ace investor Rakesh Jhunjhunwala said that persons acting in his concert purchased an additional 3,04,009 equity shares in the company on March 19.

The persons acting in concert include Rekha Jhunjhunwala, Sushiladevi Gupta, Rare Enterprises and Rare Share & Stocks.

On February 15, Jhunjhunwala and persons acting his concert had been allotted 96,29,800 equity shares of Jubilant Ingrevia consequent to the composite scheme of arrangement of Jubilant Pharmova (formerly known as Jubilant Life Sciences). This had resulted in their total shareholding in the firm at 6.0458 per cent.

With the purchase of an additional stake in the firm on March 19, the total shareholding now stands at 6.2367 per cent, according to the exchange filing. READ HERE

The shares of the firm were listed on the bourses on March 19 in the list of T Group of Securities.

The company is the demerged pharma and life sciences business of Jubilant Lifesciences. The stock was listed on the bourses today at Rs 258.35 per share. Jubilant Lifesciences demerged Jubilant Ingrevia this year and later renamed itself Jubilant Pharmova.

Jubilant Ingrevia is a global integrated life science products and innovative solutions provider serving, pharmaceutical, nutrition, agrochemical, consumer and industrial customers. It offers a broad portfolio of high-quality ingredients that find application in a wide range of industries. Jubilant Ingrevia's portfolio also extends to custom research and manufacturing for pharmaceutical and agrochemical customers on an exclusive basis.