Mumbai: Tano Capital LLC’s Mauritius fund, Tano Mauritius India FVCI, has picked up 14.66% stake in BSE listed JHS Svendgaard Laboratories Ltd through preferential allotment, the company informed the stock exchanges.
With the stake, that is tad below 15% that triggers open offer by the acquirer, the California based private equity firm will get a board seat. “Board of Directors of the Company have decided to do a preferential allotment of 25,00,000 equity shares to Tano Mauritius India FVCI at a price of Rs97.75,” the company said.
Being an oral care products manufacturing, the company also manufactures a wide variety of dental and oral products as contract manufacturer for many of the national and international brands.
The main portfolio of the company was to carry out exporting, importing, trading, buying and selling of oral care/hygiene products. It has ventured into manufacturing of other dental care products like toothpastes, mouthwash, denture tablets.
With a turnover of Rs3130.13 lakhs for the quarter ended 31 December 2010, the company made a net profit of Rs331.88 lakhs, up by 138% over same period last year.
JHS Svendgaard’s stock rose on the news of preferential allotment by 2.84% to Rs79.80 a share at 10.50 hours on the Bombay Stock Exchange.