Jyothy Labs to buy 20 percent more in Henkel India

Jyothy Labs to buy 20 percent more in Henkel India

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FMCG firm has offered to acquire up to 20 percent more stake in Henkel India in an open offer valued at around Rs 96 crore.

The open offer, to acquire up to 2.32 crore shares at Rs 41.20 per share, would start on June 24 and end on July 14, the firm said in a public announcement today.

Last week, Jyothy Laboratories said it would acquire 50.97 percent stake in from Germany-based Henkel AG & Co for Rs 118.7 crore. Last month, it had bought 14.9 percent stake in HIL from the Indian promoter Tamilnadu Petroproducts Ltd.

If the 20 percent open offer is fully subscribed, Jyothy Labs will own 85.87 percent in Henkel India.
Buoyed by the move, the shares of Henkel India jumped by 4.97 percent to hit an upper limit of Rs 36.95 on the BSE.

Source: www.thehindubusinessline.com