Shares of Emami Ltd and Amrutanjan Health jumped on Monday on the report that Emami was eyeing the Chennai-based maker of pain balms, but Amrutanjan clarified its promoters did not intend to exit the firm.
Emami gained 8.85 per cent to close at Rs 684.2 and Amrutanjan Health rose by the maximum permissible 20 per cent to Rs 1,227.65.
Emami wrote to the stock exchanges on Monday that its chairman RS Agarwal had “expressed his desire” to acquire any fast moving consumer goods or pharma business or company, including Amrutanjan, within its financial and operational resources.
However, Amrutanjan Health informed the stock exchanges on Monday that its promoters had no intention to sell out and did not foresee any reason to dilute their stake and exit from Amrutanjan.