Emami shares up over 3% at close after Australian acquisition

MUMBAI: Shares of Emami rose by over 3 per cent today after the FMCG major acquired a controlling stake in Australia-based Fravin Pty Ltd along with it's three subsidiaries for an undisclosed sum.

Emami's scrip rose by 3.44 per cent to end at Rs 888 on the BSE. During the day, it gained 8.34 per cent to Rs 930.05 -- its 52-week high. At the NSE, it settled with a gain of 3.29 per cent at Rs 888.10.

The acquisition of 66.67 per cent stake in Fravin Pty Ltd, a firm manufacturing natural and organic personal care products, has been done by the company's arm Emami International FZE, Emami said in a statement.

Commenting on the development, Emami Ltd Director Harsh Agarwal said: "The Fravin acquisition is in sync with the Company's strategy to grow aggressively through both organic and inorganic routes in India and overseas."

This is a significant step for the organisation as the acquisition marks Emami's entry into organic personal care products where it was not present earlier, he added.