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Emami Completes Zandu Open Offer, To Make Zandu Subsidiary

04 November, 2008

Kolkata-based consumer products maker Emami Ltd has completed its open offer of Zandu Pharmaceuticals, acquiring an additional 20% stake. This brings its holding in Zandu to 66.44% of total paid up equity share capital in Zandu Pharmaceutical through purchase of a total of 1,61,280 equity shares representing 20% of the voting rights of Zandu through open offer. Zandu has now become a subsidiary company of Emami Ltd. This 20% includes 4.64% stake bought from open market earlier. 

Emami was earlier holding 24% stake in Zandu which it had bought from Vaidya’s and the other promoter family in Zandu in May this year for Rs 130 cr. A 3% stake was bought previously from some other shareholder. Then last month, Emami acquiredParikhs’ 18.8% Stake in Zandu for Rs 242 Cr at Rs 16,500 per share which included a non-compete fee of Rs 22 cr.  

Consequently, Emami bought 4.64% additional stake through bulk deals in open market, increasing its stake in Zandu to 50.44%. This transaction was done in two tranches of 4103 shares (0.51%) and 33,314 (4.13%) shares.  

Anand Rathi Financial Services was the manager to the open offer.

 


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Emami Completes Zandu Open Offer, To Make Zandu Subsidiary

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