Hekel India has surged over 15% to Rs 28.50 after the company said that their board will meet on June 15 to consider the proposal of amalgamation of the company with Jyothi Laboratories.
“The respective boards of the two companies would consider the valuation report for the purpose of exchange ratio, the fairness opinion and other matters connected to the said amalgamation on June 15,” Henkel India said in a filing.
Jyothy Laboratories holds 83.66% in Henkel India, while the promoter holding in Jyothy Laboratories is 65.25%. Jyothy Laboratories acquired a majority stake in Henkel India last year.
Henkel India counter have seen an over three-fold jump in trading volumes in morning trades with a total 60,000 shares have changed hands on the Bombay Stock Exchange (BSE).
Jyothy Laboratories, on the other hand is currently trading higher by 4% at Rs 240 after opened at Rs 234 on the BSE.