JB Chemicals is having a pretty wild run on the bourses today morning. The stock opened 3.5% higher at Rs.740 and surged almost 4% to hit an intraday high at Rs.742, which was so close to its 52-week high of Rs.743.
The stock is up after KKR & Co. and its affiliates have signed an agreement with the company to purchase controlling stake – up to 54% from the promoters who currently hold 55.91% stake.
KKR is to buy the shares from the promoters at a price of Rs.745/share, which is at a premium of almost 4% to yesterday’s close of Rs.715.40.
KKR is making a mandatory open offer now to buy 26% at the same price of Rs.745/share.