JB Chem may give special dividend of Rs 35-40

Mumbai : JB Chemicals & Pharmaceuticals is likely to give a special dividend of Rs 35-40 a share to its shareholders from the sale proceeds of its Over-the-Counter (OTC) business in Russia and Commonwealth of Independent States (CIS) countries, according to the sources.

The Mumbai-based drugmaker last week received Rs 738 crore and an agreed portion of the consideration in escrow account after completing sale of its OTC business in Russia and CIS counties to Johnson and Johnson’s (J&J) unit Cilag GmbH International. The company’s Russian subsidiary received $35 million from the sale of OTC inventory and receivable to J&J LLC.

JB Chemicals board will meet next month to decide on the exact quantum of the special dividend, a senior company official said on condition of anonymity. An email query sent to Pranabh Mody, president of JB Chemicals, on the company’s plans to give special dividend remained unanswered.