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Raymond up over 5% on acquisition of Ansell's stake in brand KamaSutra

The stock rallied 7% to Rs 797 on BSE in intra-day trade in otherwise weak market

SI Reporter  |  Mumbai 

36 Raymond and 30 Color Plus stores have been redesigned; a concierge service introduced  for better customer experience
36 Raymond and 30 Color Plus stores have been redesigned; a concierge service introduced for better customer experience

rallied 7% to Rs 797 on BSE in intra-day trade after the company announced the acquisition of Ansell’s stake in joint venture entity JK Ansell.

acquires 50% of Ansell stake in JK Ansell Company for 100% ownership of its sexual wellness and personal care business under the brand

"With this transaction, the sexual wellness and personal care business will continue to remain in JK Ansell, which will become a wholly-owned subsidiary of JK Investo Trade (JKIT), a group company.

As per the proposed deal, JKIT will sell its stake in the gloves business to Pacific Dunlop Holdings (Singapore), an Ansell group company," the company said in a statement.

The acquisition will help to scale up the company's FMCG business and unlock the potential of brand globally, it added.

“With this acquisition combined FMCG business is expected to be Rs 800 crore consumer value in FY18. Having outlined a detailed roadmap, Brand is poised to become top 5 global brands in the Sexual Wellness category,” Giriraj Bagri, President – FMCG business, said.

At 10:53 am, the stock was up 6% at Rs 792 on BSE, as compared to 0.71% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 1.36 million shares changed hands on the BSE and NSE so far.

First Published: Fri, August 18 2017. 10:56 IST
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