Emami hits new high on acquisition of Australian firm
The stock rallied 7% to Rs 902 on National Stock Exchange.
 "Emami hits new high on acquisition of Australian firm")
Emami has moved higher by 7% to Rs 920 on National Stock Exchange (NSE) after the personal products maker has announced the acquisition of controlling stake of 66.67% in Fravin Pty Ltd. Australia.
“Emami Overseas FZE (based in UAE), a wholly owned subsidiary of the company has acquired controlling stake of 66.67% in M/s Fravin Pty Ltd (Fravin), a company based in Australia with major strength in R&D and manufacture of natural and organic personal care products in Australia,” Emami said in a statement.
Consequent to the above acquisition, M/s Fravin Pty Ltd along with its three subsidiary companies have also become subsidiaries of Emami, it added.
The stock opened at Rs 861 and touched a new high of Rs 930 on NSE. Till 1137 hours, a combined 255,527 shares changed hands on the counter on NSE and BSE.
“Emami Overseas FZE (based in UAE), a wholly owned subsidiary of the company has acquired controlling stake of 66.67% in M/s Fravin Pty Ltd (Fravin), a company based in Australia with major strength in R&D and manufacture of natural and organic personal care products in Australia,” Emami said in a statement.
Consequent to the above acquisition, M/s Fravin Pty Ltd along with its three subsidiary companies have also become subsidiaries of Emami, it added.
The stock opened at Rs 861 and touched a new high of Rs 930 on NSE. Till 1137 hours, a combined 255,527 shares changed hands on the counter on NSE and BSE.