Henkel India up 20% after merger approved by Jyothy Labs

Shares of Henkel India, which operates in business areas of laundry, home care, cosmetics, toiletries and hair care, gained as much as 20% to intraday high of Rs 33.75 after Jyothy Labs approved merger of this company with itself.
 
In a release sent to exchanges, company said, "The board of directors of Jyothy Labs today approved amalgamation of Henkel India with itself. As per the scheme of arrangement, shareholders of Henkel India will get one share of Jyothy Labs for every eight shares held, subject to adjustment for impending issue of bonus shares in the ratio of 1:1 by JLL."

At 14:21 hours IST, the share was trading at Rs 30.35, up 7.82%. Market capitalisation of the company currently stands at Rs 353.46 crore.
 
Even its trading volumes advanced 2,091% to 14,36,058 shares as compared to its 5-day average of 65,534 shares.

At the same time, Jyothy Labs gained 1.1% at Rs 238.60 and its trading volumes increased 530% to 1,26,491 shares as compared to its 5-day average of 20,074 shares.