Henkel India zooms on Jyothy Lab offer | business | Hindustan Times
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Henkel India zooms on Jyothy Lab offer

After acquiring a 51% stake in Henkel India Ltd, FMCG firm Jyothy Laboratories has offered to acquire up to 20% more shares in Henkel India in an open offer value at around Rs 96 crore.

business Updated: May 09, 2011 21:16 IST
HT Correspondent

After acquiring a 51% stake in Henkel India Ltd, FMCG firm Jyothy Laboratories has offered to acquire up to 20% more shares in Henkel India in an open offer value at around Rs 96 crore.

Shares of Henkel India jumped by 5% to hit an upper limit of Rs 36.95 on the BSE on Monday.

The open offer to acquire up to 2.32 crore shares at Rs 41.2 per share would start on June 24 and end on July 14.

Jyothy Lab, which makes the ‘Ujala’ fabric wash, had said last week that it would acquire 50.97% stake in Henkel India (HIL) from Germany-based Henkel AG & Co for Rs 118.7 crore.

JLL had last month bought a 14.9% stake in HIL from the Indian promoter Tamilnadu Petroproducts Ltd. If the new 20% open offer is fully subscribed, Jyothy Laboratories will end up owning 85.87% stake in Henkel India Ltd.