Emami not to revise open offer price for Zandu
FMCG major Emami Ltd, which has recently acquired 27.5 per cent stake in Zandu Pharmaceutical Works, will not revise the open offer price from Rs 7,315 per share.
By PTI |
KOLKATA: FMCG major Emami Ltd, which has recently acquired 27.5 per cent stake in Zandu Pharmaceutical Works, will not revise the open offer price from Rs 7,315 per share.
A company source said today, "There is no possibility for revising the open offer price."
The source said Emami was of the view that the price was fairly valued and by the FMCG industry standards, the value quoted was very good.
Emami has picked up 24 per cent stake in Zandu at a price of Rs 6900 per share, including a non-compete fee of Rs 100 per share, from one of the promoter's family of the company.
This, along with the existing holding of Emami, has raised the firm's holding in Zandu to 27.5 per cent.
At the board meeting of Zandu held on Friday, the resolution pertaining to issue of preferential shares to the promoters had been dropped.
A company source said today, "There is no possibility for revising the open offer price."
The source said Emami was of the view that the price was fairly valued and by the FMCG industry standards, the value quoted was very good.
Emami has picked up 24 per cent stake in Zandu at a price of Rs 6900 per share, including a non-compete fee of Rs 100 per share, from one of the promoter's family of the company.
This, along with the existing holding of Emami, has raised the firm's holding in Zandu to 27.5 per cent.
At the board meeting of Zandu held on Friday, the resolution pertaining to issue of preferential shares to the promoters had been dropped.
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