FMCG player Jyothy Laboratories (JLL) today said it had acquired 3.29% more stake in Henkel India, increasing its total shareholding in the company to over 69%.
Post the acquisition of 3.8 million shares -- representing 3.29% -- from the open market, JLL has increased its stake in Henkel India (HIL) to 69.16% from 65.87%.
"The acquirer [Jyothy Lab] has acquired 38,34,953 equity shares of Rs 10 each of the target company [Henkel India], constituting 3.29% of the current paid-up share capital of the target company from the open market," Jyothy Laboratories said in a filing to the Bombay Stock Exchange (BSE).
The acquisition happened on June 29. Based on a price of Rs 40.70 per share, the 3.29% stake would be worth about Rs 15.6 crore.
"The maximum price paid for the acquisition was Rs 40.70 per equity share and the average price paid was Rs 40.68 per equity share," the filing said.
After becoming a majority shareholder, JLL had launched an open offer on June 24 for buying another 20% stake in HIL, at an estimated cost of Rs 96 crore.
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The open offer to acquire up to 23.2 million shares at Rs 41.20 per share started on June 24 and will end on July 14.
"The maximum price paid for the acquisition [of 3.29% stake] was lower than the price being offered to the equity shareholders in the offer," the filing noted.
In March, JLL that makes 'Ujala' fabric wash, had acquired 14.9% stake in HIL from the Indian promoter Tamil Nadu Petroproducts for about Rs 60 crore.
Later, the firm had bought 50.97% stake in HIL from Germany-based Henkel AG & Co for Rs 118.7 crore.
Following the acquisition of majority stake in HIL, Jyothy Lab had announced an open offer for another 20% at an estimated cost of around Rs 96 crore.
If the 20% open offer is fully subscribed, JLL will own 85.87% in Henkel India.
Shares of Jyothy Lab closed at Rs 218.50 on the BSE, up 5.17% from the previous close.