Jyothy Lab buys 1.76% more in Henkel India

FMCG player Jyothy Laboratories (JLL) today said it had acquired 1.76% more stake in Henkel India, increasing its total shareholding in the company to over 71.6%.

Post the acquisition of 20.4 lakh shares, representing 1.76%, through an off market transaction, JLL has increased its stake in Henkel India (HIL) to 71.60% from 65.85%.

"JLL has acquired 2,044,214 equity shares of Rs 10 each of HIL, constituting 1.76% of the current paid share capital of HIL, from Tamil Nadu Petroproducts through an off market transaction at a price of Rs 35 per share," Jyothy Laboratories said in a filing to the Bombay Stock Exchange.

The price paid for the acquisition was lower than the average price of Rs 40.68 per share that the company had paid other shareholders in its recently concluded open offer.

The company, which sells fabric wash brand 'Ujala', had earlier bought 14.9% stake in HIL from the Indian promoter Tamilnadu Petroproducts for around Rs 60 crore.

Later, the firm bought out 51% stake of Germany-based Henkel AG & Co in HIL for Rs 118.7 crore.

After becoming a majority shareholder, JLL had launched an open offer on June 24 for buying another 20% stake in HIL, at an estimated cost of Rs 96 crore.