MUMBAI: The Parikh family, co-founders of Zandu Pharmaceutical Works Ltd, have agreed to sell its stake to personal care products maker Emami Ltd, a n Emami official said, according to a report.
The decision came on the last day of Emami's open offer for 20 per cent of Zandu after it bought a 24 percent stake in the company from co-founders late in May. "We are buying from them (the extended Parikh family) around 37-38 percent, some of it through the open offer and the rest through negotiation," Emami Chairman R.S. Agarwal was quoted by a newspaper as saying. The Parikhs have agreed to sell their stake at 16,500 rupees a share, Agarwalsaid. Emami's stake will increase to about 65 percent after the buyout, the report said. An Emami official could not be immediately reached for comment. N.Sukumar Research Analyst www.kences1.blogspot.com --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
