Jyothy Laboratories Shares Jump On Henkel Investment Buzz
Jyothy Laboratories shares surged as much as 16Â per cent on Thursday on buzz that Germany's Henkel AG is looking to invest in the Mumbai-based FMCG company.Â
"As of now, it is an option, which they (Henkel AG) have," said Ullas Kamat, joint managing director and chief financial officer of Jyothy Laboratories. (Watch)
Mr Kamat declined to comment whether Henkel had approached Jyothy Laboratories for investment, but he told NDTV Profit that the company will be interested in a stake sale.Â
Jyothy Laboratories had acquired the Indian business of Henkel AG in May 2011. The deal allowed Henkel an option to pick up to 26 per cent stake in Jyothy Labs five years after the acquisition date and the option is open for next one year, Mr Kamat said.Â
"Before March 2017 if they don't invest, they will lose that option," he added.Â
Jyothy Laboratories shares closed 1.29 per cent higher at Rs 283.5 apiece compared to 0.48 per cent gain in the broader Sensex.
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