Mumbai: Personal care products maker Emami Ltd has made an open offer to buy up to 20% equity in Zandu Pharmaceutical Works Ltd at Rs7,315 a share.
The offer offer for up to 161,280 shares comes in the wake of Emami raising its stake in Zandu to 27.51% last week by acquiring shares from certain promoters, the company said in a newspaper announcement.
Under Indian takeover regulations, the acquirer is required to make an open offer for an additional 20% stake in the target firm when its stake in the latter touches 15%.
The offer opens 24 July and closes 12 August.
Emami shares were trading 1.22% lower at Rs316.20, while Zandu shares vaulted 19.3% at Rs9,699 in a firm Mumbai market.