Jyothy Lab buys 12.05% stake in Henkel through open offer

Fast moving consumer goods firm Jyothy Laboratories Ltd (JLL) today said it has acquired over 14 crore shares, amounting to 12.05% of the equity share capital of Henkel India Ltd (HIL) through an open offer.

"Pursuant to completion of payment to tendering shareholders, these equity shares have been transferred to Jyothy," JLL said in a filing to the BSE.

Further, 59,360,203 equity shares of HIL, forming 50.97% of its equity share capital, which were acquired from Henkel AG & Co in May, 2011, have also been released from an escrow account into JLL's account, it added.

As on date, JLL's shareholding in HIL stands at 83.65%, the filing added.

In June, JLL completed the buyout of Henkel AG & Co's 50.97% stake in HIL for Rs 118.7 crore. The company, which sells fabric wash brand 'Ujala', had earlier bought 14.9% stake in HIL from the Indian promoter Tamilnadu Petroproducts for around Rs 60 crore.

Subsequently, JLL announced an open offer for another 20% at an estimated cost of around Rs 96 crore.

While JLL's shares closed at Rs 141.95 per share, up 1.54% from the previous close on the BSE, HIL's closed at Rs 30.30 per share, up 1.17% from the previous close.