Emami announces open offer at Rs 7315

Kolkata, Jun 2 (UNI) Emami Limited, the Rs 600 cr FMCG major, announced an open offer to buy stakes up to 20 per cent from shareholders of Zandu Pharmaceutical Works Ltd.

In a company release here today, the open offer will be priced at Rs 7315 against the past 26 weeks' average price of Rs 6807.07 and that of past two weeks' average price of Rs 7136.91.

Last week Emami picked up a substantial stake of 23.6 per cent at around Rs 130 cr where Emami paid Rs 6900 (inclusive of non-compete fees of Rs 100) per share of Zandu through offmarket deals with the Vaidyas, one of the promoter groups of Zandu.

This, along with existing holding of Emami group companies, made its total holding in Zandu at 27.5 per cent.

'' Zandu has incredible business prospect and very strong brand equity. Emami is a fast growing FMCG company having strong presence in health, personal and beautycare segment. Combination of the respective efficiencies of Emami and Zandu to achieve synergetic benefits willl be a win-win situation for both companies'', Mr Harsha V Agarwal, Director, Emami Limited, said.

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