Jubilant Pharmova Successfully Secures Stake in O2 Renewable Energy XVI

On June 6, 2024, Jubilant Pharmova Limited informed in a stock exchange filing regarding the acquisition progress of O2 Renewable Energy XVI Private Limited (O2). Initially proposed on January 2, 2024, the company outlined plans to acquire a 19.89% stake, equivalent to 75,903 Compulsorily Convertible Debentures (CCDs) with a face value of ₹1,000 each, along with 8,43,362 equity shares valued at ₹10 each.

In correspondence with their earlier communication on March 29, 2024, Jubilant Pharmova Limited announced the successful acquisition of 7,16,857 equity shares and 64,517 CCDs in O2. As per the agreement with O2, the completion of the remaining stake acquisition was anticipated by June 30, 2024.

Jubilant Pharmova Limited stated that it is pleased to confirm the finalisation of the acquisition, having met all milestones as per the agreement. With this development, Jubilant Pharmova Limited has successfully acquired the remaining stake in O2, thereby completing the acquisition of the entire 19.89% stake as initially proposed.

This strategic move aligns with the company’s expansion objectives, positioning them for enhanced involvement in the renewable energy sector through O2. The acquisition underscores Jubilant Pharmova Limited’s commitment to diversification and sustainability, leveraging opportunities for growth and value creation in the evolving energy landscape.

Meanwhile, as another development, on June 5, 2024, Jubilant Pharmova Limited confirmed the closure of the merger transaction, selling its entire 25.8% stake in Sofie as per the earlier intimation on January 28, 2024. Sofie concluded the transaction with private equity funds managed by Trilantic Capital Partners, North America, resulting in JPL receiving USD 115.9 million as consideration, with potential additional earnings of up to USD 25.8 million based on future milestones. The company stated that these proceeds are used to reduce leverage and fund capital expenditure and corporate needs.

About Jubilant Pharmova Ltd

Jubilant Pharmova Ltd is a comprehensive global pharmaceutical company with three core business segments: pharmaceuticals, proprietary novel drugs, and contract research and development services.

On June 7, 2024, the share price of Jubilant Pharmova Ltd opened at ₹721.50, touching the day’s high at ₹752.75, as of 9:49 AM on the NSE.

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