Jyothy Laboratories offers to buy 20% more in Henkel India

FMCG firm Jyothy Laboratories Ltd (JLL) on Monday offered to acquire up to 20 per cent more stake in Henkel India in an open offer value at around Rs 96 crore.

The open offer, to acquire up to 2.32 crore shares at Rs 41.20 per share, would start on June 24 and end on July 14, the firm said in a public announcement.

Last week, Jyothy Laboratories that makes the 'Ujala' fabric wash said it would acquire 50.97 per cent stake in Henkel India Ltd (HIL) from Germany-based Henkel AG & Co for Rs 118.7 crore.

Last month, JLL had bought 14.9 per cent stake in HIL from the Indian promoter Tamilnadu Petroproducts Ltd. If the 20 per cent open offer is fully subscribed, JLL will own 85.87 per cent in Henkel India.

Buoyed by the move, shares of Henkel India jumped by 4.97 per cent to hit an upper limit of Rs 36.95 on the Bombay Stock Exchange.