Major Stake Shake-Up: Jubilant Group Reduces Holdings in Key Subsidiaries

Jubilant Group's promoter entities sold shares in subsidiaries Jubilant FoodWorks, Jubilant Ingrevia, and Jubilant Pharmova, raising around Rs 1,801 crore. The divestment through open market deals led to a reduced stake in these companies, while various major investors purchased the offloaded shares.

In a significant move on Friday, Jubilant Group's promoter entities offloaded shares from three of its primary subsidiaries, resulting in a financial transaction worth Rs 1,801 crore. These companies included food giant Jubilant FoodWorks, chemical producer Jubilant Ingrevia, and pharmaceutical arm Jubilant Pharmova.

The sales were executed through separate open market deals, with Jubilant Consumer selling 1.06 crore equity shares of Jubilant FoodWorks, which translates to a 1.61 percent stake. Meanwhile, Jubilant Ingrevia saw its promoters, including Jubilant Enpro and Shyam Sunder Bhartia Family Trust, collectively offload a hefty 6.2 percent stake.

The divestment moves attracted numerous notable buyers such as Morgan Stanley, Kotak Mahindra Mutual Fund, and Canada's AIMCo. Post-sale, the shares of Jubilant Ingrevia witnessed a market rise, while Jubilant Pharmova saw a dip in its share price on the NSE.

(With inputs from agencies.)