Emami zooms on more Zandu stake purchase

DALAL STREET SPIKES

Emami jumped 13.20 per cent to end the day at Rs 265.80 today after the company announced that it has acquired an additional 18.18 per cent stake in Zandu Pharmaceutical Works from its promoters — the Parikh family. The Parikhs will receive Rs 15,000 for each share of the ayurvedic product-maker as well as Rs 1,500 a share as a non-compete fee.

According to the company, after the mandatory open offer of 20 per cent, Emami’s stake in Zandu will increase to 70 per cent. Emami’s shares hit an intraday high of Rs 275 and a low of Rs 224, with trading volumes of 17,832 shares.