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Ahmedabad-based Torrent group has secured a credit line of up to ₹20,000 crore from a consortium of international lenders, including HSBC, Standard Chartered Bank, and Barclays, to fund its proposed acquisition of JB Chemicals & Pharmaceuticals Ltd., according to a person familiar with the matter.
Torrent is acquiring a 46.39 per cent stake in JB Chemicals from KKR & Co. for about ₹11,917 crore, and an additional 2.8 per cent stake from employees for roughly ₹719 crore, both at ₹1,600 per share.
A large number of Indian companies are tapping foreign banks to raise funds to fund acquisitions. Earlier, the Adani group had tapped foreign banks to fund its $10.5 billion acquisition of Holcim stake in Ambuja Cements.
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