 "Jyothy Laboratories nears record high")
Shares of Jyothy Laboratories were trading higher by 5% to Rs 322 on the BSE in an otherwise weak market amid reports that German consumer products company Henkel AG plans to buy a 26% stake in local fabric whitener and detergent maker.
On news reported in Economic Times on September 4, 2015, Jyothy Laboratories has clarified to BSE that Henkel AG has an option to acquire up to 26% of the equity share capital of the company through primary and/or secondary transactions.
"We would like to inform you that as per our letter dated May 5, 2011 to exchanges, Henkel AG has an option to acquire upto 26% of the equity share capital of Jyothy Laboratories through primary and/or secondary transactions, after a period of 5 (five) years, subject to the terms and conditions to be mutually agreed.”
They have an option which they can exercise between April 1, 2016 and March 31, 2017. The article incorrectly mentions that the deadline for the same is March 31, 2016.
As of now there is no development in this regard and the report is speculative. In case there is any development; we shall inform the exchanges, it added.
The stock hit an intra-day high of Rs 334, is 2.4% away from its record high of Rs 342 touched on BSE on August 11, 2015.
The trading volumes on the counter jumped more than five-fold with a combined 1.54 million shares changed hands till 12:35 PM on the NSE and BSE. The S&P BSE Sensex was down 2% or 515 points at 25,250.
On news reported in Economic Times on September 4, 2015, Jyothy Laboratories has clarified to BSE that Henkel AG has an option to acquire up to 26% of the equity share capital of the company through primary and/or secondary transactions.
"We would like to inform you that as per our letter dated May 5, 2011 to exchanges, Henkel AG has an option to acquire upto 26% of the equity share capital of Jyothy Laboratories through primary and/or secondary transactions, after a period of 5 (five) years, subject to the terms and conditions to be mutually agreed.”
They have an option which they can exercise between April 1, 2016 and March 31, 2017. The article incorrectly mentions that the deadline for the same is March 31, 2016.
As of now there is no development in this regard and the report is speculative. In case there is any development; we shall inform the exchanges, it added.
The stock hit an intra-day high of Rs 334, is 2.4% away from its record high of Rs 342 touched on BSE on August 11, 2015.
The trading volumes on the counter jumped more than five-fold with a combined 1.54 million shares changed hands till 12:35 PM on the NSE and BSE. The S&P BSE Sensex was down 2% or 515 points at 25,250.