Zandu Pharmaceutical today said it has received shareholders' approval for its merger with Emami and Emami Infrastructure.
In a filing to the Bombay Stock Exchange, Zandu Pharmaceutical said at the court convened meeting of the company's equity shareholders on September 11, about 99.87 percentage of shareholders voted in favour of the merger.
"A majority of the shareholders of Zandu Pharmaceutical Works, holding more than 75 per cent of the value of shares, present and voting have passed the resolution approving the scheme of arrangement," the filing added.
Shares of the company witnessed an intra-day high of Rs 11,339.95, up 1.56 per cent from its previous closing price. It was later quoted at Rs 11,199, up 0.30 per cent on the BSE.
Meanwhile, the Kolkata-based FMCG firm Emami is looking at segregating markets as products of Emami and Zandu brands overlap in some categories such as pain balms and chyawanprash. The company is also planning a makeover of the Zandu brands to avoid a product clash in specific categories.
