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Our Bureau

Mumbai, Sept. 19 Emami’s open offer for shares of Zandu Pharmaceutical Works would commence on September 26, according to the revised schedule, both companies have informed the exchanges. The offer is to close on October 15.

The open offer for 1.61 lakh equity shares of the company was originally scheduled to have begun on July 24 and closed on August 12.

The company has also revised the open offer price from Rs 7,315 to Rs 15,000.

Emami had in June of this year purchased 23.6 per cent stake in Zandu from one of the promoters for a total cost of Rs 130 crore or Rs 6,900 a share. The price also included Rs 100 per share as non-compete fees. Emami, thereafter, had announced an open offer for another 20 per cent stake in Zandu.

The share price of Zandu was down 1.66 per cent from its previous close at Rs 15,747.20 on Friday, while Emami closed up 4.13 per cent at Rs 273.30.

More Stories on : Open Offers | Healthcare Products

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