Emami up as SAT doesn't restrain its Zandu offer

DALAL STREET SPIKES

The Emami stock today surged 6.36 per cent, or Rs 17, to close at Rs 284.50 on the Bombay Stock Exchange. The Securities Appellate Tribunal (SAT) has decided not to pass any order restraining the open offer given by Emami to buy a 20 per cent stake in Zandu Pharmaceuticals.

The open offer started today. During the day, the share touched a high of Rs 317 and a low of Rs 259 on the BSE. The counter generated a volume of over 39,000 shares on BSE. The owners of Zandu had approached SAT to get the open offer cancelled.