Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst with experience in fundamental and event-driven research in Frontier and Emerging markets. 

On Smartkarma, I mainly publish insights on index flow events in the Asia-Pacific region. This includes predicting regular and intra-review index changes and estimating upcoming passive flows. I also cover special situations such as mergers & acquisitions, equity offerings, buybacks, and other corporate restructuring events.

Pan-Asia Index Flows & Special Situations

Partial Tender Offer for Sequent Scientific

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

J.B. Chemicals & Pharmaceuticals / Event-Driven

J.B. Chemicals & Pharmaceuticals (JBCP IN)

The Promoters of <a href="https://www.smartkarma.com/entities/j-b-chemicals-pharma-ltd" target="_blank" data-smartkarma-citation="entities:7360:1" rel="noopener">J.B. Chemicals &amp; Pharma (JBCP IN)</a><a href="http://www.jbcpl.com/investors/pdf/policy/bse_pa.pdf" target="_blank" rel="noopener">announced</a> on 3rd July they had signed an SPA with <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co Inc (KKR US)</a> to sell up to 54% of the company's total shares from their holdings. Pursuant to SEBI Regulations, this triggered the obligation for the Acquirer to launch a Mandatory Open Offer to buy shares from Public Shareholders at similar Terms. To fulfil this requirement, the Acquirer has launched a Partial Tender Offer to buy up to 26% of the company's total shares from non-promoter shareholders at a cash price of INR745.00/share. In recent months, we have witnessed a few deals involving Foreign PE players acquiring stakes in Indian pharmaceutical companies. Most recently, I published an insight on <a href="https://www.smartkarma.com/insights/partial-tender-offer-for-sequent-scientific" target="_blank" data-smartkarma-citation="insights:39251" rel="noopener">Partial Tender Offer for Sequent Scientific</a> where I discussed a similar deal where The Carlyle Group acquired a majority stake in India's largest pure-play animal healthcare company <a href="https://www.smartkarma.com/entities/sequent-scientific-ltd" target="_blank" data-smartkarma-citation="entities:18270:1" rel="noopener">Sequent Scientific (SEQ IN)</a>. On 27th June, The Carlyle Group agreed to acquire a <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/0735641c-fa99-4782-8bb1-13c0b8b670fb.pdf" target="_blank" rel="noopener">20% stake in the Pharma business</a> of <a href="https://www.smartkarma.com/entities/piramal-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:14158:1" rel="noopener">Piramal Enterprises (PIEL IN)</a> for a consideration of ~US$490mn. Previously, press <a href="https://www.livemint.com/companies/news/tpg-kkr-in-race-to-buy-20-stake-in-piramal-pharma-biz-11586198026036.html" target="_blank" rel="noopener">reports</a> suggested that KKR and TPG were also involved in this race. In this insight, we take a look at the potential trading opportunities arising from KKR's Partial Tender Offer for <a href="https://www.smartkarma.com/entities/j-b-chemicals-pharma-ltd" target="_blank" data-smartkarma-citation="entities:7360:1" rel="noopener">J.B. Chemicals &amp; Pharma (JBCP IN)</a>. As usual, there is more below the fold.

The Promoters of J.B. Chemicals &amp; Pharma (JBCP IN)announced on 3rd July they had signed an SPA with KKR &amp; Co Inc (KKR US) to sell up to 54% of the company's total shares from their holdings. Pursuant to SEBI Regulations, this triggered the obligation for the Acquirer to launch a Mandatory Open Offer to buy shares from Public Shareholders at similar Terms. To fulfil this requirement, the Acquirer has launched a Partial Tender Offer to buy up to 26% of the company's total shares from non-promoter shareholders at a cash price of INR745.00/share. In recent months, we have witnessed a few deals involving Foreign PE players acquiring stakes in Indian pharmaceutical companies. Most recently, I published an insight on Partial Tender Offer for Sequent Scientific where I discussed a similar deal where The Carlyle Group acquired a majority stake in India's largest pure-play animal healthcare company Sequent Scientific (SEQ IN). On 27th June, The Carlyle Group agreed to acquire a 20% stake in the Pharma business of Piramal Enterprises (PIEL IN) for a consideration of ~US$490mn. Previously, press reports suggested that KKR and TPG were also involved in this race. In this insight, we take a look at the potential trading opportunities arising from KKR's Partial Tender Offer for J.B. Chemicals &amp; Pharma (JBCP IN). As usual, there is more below the fold. 

J.B.Chemicals (JBCP IN): Partial Tender Offer by KKR