Emami has fixed the bidding price band for its public offer of 50 lakh shares between Rs 60-70 per share."The issue is of 50 lakh shares of Rs 2 each at a price to be determined through the book-building process. The issue opens for bids on March 4 and closes on March 10," Emami director Mohan Goenka said today.The issue is primarily to comply with Clause 40a of the listing agreement, which requires corporates to have a minimum of 10% holding outside the promoter group. The public shareholding currently is around 3.92%, he said."With the addition of another 8.18% after the public offer, the company would have nearly 11.77% public holding," Goenka said."Emami proposes to invest a portion of the money raised for strategic initiatives and acquisitions besides investing in normal capital expenditure," he added.Out of 50 lakh shares, five lakh shares have been reserved for allotment to employees at the same price as discovered through the book-building process, he said.
