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FMCG firm Jyothy Laboratories today said that the shares being acquired by it in Chennai-based Henkel India from the latter’s German parent will be held in an escrow account till the completion of the open offer formalities.
As part of the deal wherein Jyothy Labs has acquired 50.97 per cent stake in Henkel India from Henkel AG, the acquirer will also make an open offer for buying up to 20 per cent stake from public shareholders.
The company said Henkel AG & Co KGaA has transferred 59,360,203 and these shares have been held in escrow from May 31, 2011 by Kotak Mahindra Bank Ltd in trust on behalf of Jyothy Labs.
“The aforesaid equity shares will be released to Jyothy only upon completion of the open offer formalities in accordance with SEBI,” the company said in a filing to the Bombay Stock Exchange.
Jyothy Labs, Kotak Mahindra Bank and Mape Advisory Advisory Croup Pvt Ltd had entered an escrow agreement dated May 30, 2011.
Meanwhile, the shares of Jyothy Laboratories closed at Rs 207.45 on the BSE, down 4.38 per cent from the previous close.
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