FMCG Major Emami Ltd today said it has revised the open offer price to Rs 15,000 per share for purchasing 20 per cent stake in Zandu Pharmaceutical.
Emami had initially bid Rs 7,315 per share of Zandu Pharmaceutical.
In a filing to the Bombay Stock Exchange, the company said, "Emami has revised the offer price in respect of the public offer made by it for acquisition of equity shares of the Zandu Pharmaceutical works from Rs 7,315 to Rs 15,000 per share."
Emami would make suitable arrangements for issuing corrections to public announcement in all newspapers in which the original public announcement was made, the filing added.
Shares of Emami were trading at Rs 274, down 4.84 per cent, while Zandu was quoted at Rs 16,728.30, down 5 per cent on BSE in morning trade.
Earlier, Emami had picked 24 per cent stake in Zandu at a price of Rs 6,900 per share, including a non-compete fee of Rs 100 per share, from one of the promoter's family.
This, along with the existing holding of Emami, has raised the firm's holding in Zandu to 27.5 per cent.
In June this year, the company had made an open offer to acquire up to 1,61,280 fully paid-up equity shares of Rs 100 each representing 20 per cent of the paid up equity share capital of Zandu Pharmaceutical at a price of Rs 7,315 per share.