The move is aimed at raising Rs 2,000 crore to part-fund the acquisition of a 40% stake in Hindustan Coca-Cola Beverages (HCCB), according to people familiar with the matter.
In Jubilant FoodWorks, which operates popular QSR brands like Domino’s Pizza and Dunkin’ Donuts in India, the promoters will reportedly sell a 2% stake at a floor price of Rs 641 per share, with Morgan Stanley acting as the broker.
For Jubilant Ingrevia, a specialty chemicals and nutrition products company demerged from the group in 2021, the Bhartia family is expected to offload a 7.53% stake at a floor price of Rs 627.45, which reflects an 8% discount to the prevailing market price.
Meanwhile, in Jubilant Pharmova, the group’s pharmaceutical arm with operations spanning APIs, radiopharma, and contract research, 3.5% stake is likely to be sold at a floor price of Rs 1,013 per share, translating to a 9.9% discount to the current market rate.
These stake sales come at a time when the group is preparing for a strategic realignment of capital following its recent major acquisition.In December 2023, the Jubilant Bhartia Group had announced a Rs 12,500 crore acquisition of a 40% stake in Hindustan Coca-Cola Holdings (HCCH) through its subsidiary Jubilant Beverages Ltd.HCCH is the parent company of Hindustan Coca-Cola Beverages (HCCB), India’s largest bottler of Coca-Cola products. The acquisition marked one of the group’s largest diversification moves outside of its core businesses.