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Emami hikes interest in Zandu with 18.18 pct stake buy

Posted by Yogesh on Thursday, 16 October, 2008

MUMBAI (Thomson Financial) – Emami Ltd. said it will become the largest shareholder in Zandu Pharmaceutical Works Ltd., following a deal with the latter’s promoters to buy an additional 18.18 percent.

“After the open offer (of 20 percent) we expect to have around 70 percent stake in Zandu,” Emami director Harshavardhan Agarwal told Thomson Financial News over the phone.

The Parikh family, co-founders of Zandu Pharmaceutical Works, will receive 15,000 rupees per share and a non-compete fee of 220 million rupees. Source CNBC.com

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