The Mody family currently controls 53 per cent of the Mumbai-based company's equity capital, while financial institutions (FIs) and mutual funds (MFs) account for 17 per cent of the equity, with the public accounting for the balance. JB Chemicals has an issued, subscribed and paid-up equity capital base of 1,45,26,000 equity shares of Rs 10 each fully paid-up.

JB Chemicals CMD Jyotindra B Mody confirmed that the promoters have commenced the process of acquiring shares from the market. Indications are that the purchases were made at roughly Rs 110 per share. The JB Chemicals scrip is currently traded in the region of Rs 102 and Rs 105 on the BSE and closed at Rs 104 on Tuesday.

Under the Sebi Takeover Code, a company can acquire upto 5 per cent of its issued equity capital in any 12-month period under the creeping acquisition route and shareholders of JB Chemicals have already passed an enabling resolution on the promoters' proposed plans to hike their holding.