JB Chemicals enters MoU with Greenscape Builders

JB Chemicals & Pharmaceuticals has entered into a Memorandum of Understanding (MoU) with Greenscape Builders & Developers. Shares of the company however closed on a negative note.

The MoU is for the assignment of company's leasehold interest in plots of land at Navi Mumbai, subject to the terms and conditions of the MoU and subject further to execution of definitive agreements, for aggregate consideration of Rs. 20.51 crore. The contemplated transaction does not fall within related party transactions.

At the beginning of this month, the US Food and Drug Administration (USFDA) had concluded inspection of JB Chemicals & Pharmaceuticals' newly set up and commissioned solid oral dosage forms formulations manufacturing facility at Panoli, Gujarat. No objectionable observations were found and hence no Form 483 was issued.

JB Chemicals & Pharmaceuticals is engaged in the manufacturing of pharmaceutical specialties in various dosage forms, herbal remedies, diagnostics, generic drugs, active pharmaceutical ingredients (APIs).

The shares of the company on Monday opened at Rs. 377 against Friday’s close of Rs. 376. At closing hours, it was trading at Rs. 366.70, 2.47 per cent lower than its previous close. The intraday high was Rs. 380 and intraday low was Rs. 366.20. Its 52-week high was Rs. 407 and 52-week low was Rs. 250 per share on BSE.