Personal care products maker Emami Ltd has made an open offer to buy up to 20 percent equity in Zandu Pharmaceutical Works Ltd at 7,315 rupees a share.The offer offer for up to 161,280 shares comes in the wake of Emami raising its stake in Zandu to 27.51 percent last week by acquiring shares from certain promoters.
Under Indian takeover regulations, the acquirer is required to make an open offer for an additional 20 percent stake in the target firm when its stake in the latter touches 15 percent.The offer opens July 24 and closes Aug. 12.
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