JB Chemicals & Pharmaceuticals to consider sub-division of equity shares

A final decision on this will be taken during the board meeting to be held on 24 May 2023

JB Chemicals & Pharmaceuticals will consider a sub-division of equity shares, said the company in a regulatory filing on Monday. A final decision on this will be taken during the board meeting to be held on Wednesday, 24 May 2023.

The company’s board will also consider and approve the audited financial results for the year and quarter ended on March 31, 2023.

The outcome of the board meeting will be communicated to the stock exchanges after the conclusion on May 24.

In a filing with the stock exchanges, J B Chemicals and Pharmaceuticals said, “The board of directors will consider and approve the proposal to sub-divide/split the equity shares of face value of Rs 2/- each of the Company to equity shares of face value Re 1/- each of the Company and matters related thereto in such manner as the Board may determine subject to the approval of the shareholders of the Company.”

The board of J B Chemicals and Pharmaceuticals will also consider and recommend dividend on equity shares of the company, if any, subject to the approval of shareholders, said the company in a regulatory filing.

Last year, JB Chemicals & Pharmaceuticals said that it has entered into an agreement with Glenmark Pharmaceuticals to acquire the cardiac brand, Razel (Rousvastatin) franchise for the India and Nepal region for a cash consideration of Rs 313.7 crore.

The pharma company said that the acquisition will be funded through long term debt and internal accruals (primarily debt). Razel and its combinations are indicated for the management of dyslipidemia. Razel ranks among the top 10 brands in the Rousvastatin molecule category in the country.

JB Pharma said that it sees growth potential from the acquired portfolio as it is synergistic with its cardiac segment and will help it leverage its Go to Market Model. Further the products provide good operating leverage and are margin accretive, given its attractive margin profile.

(With inputs from agencies)