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Emami to Acquire Kesh King for Rs 1,654 Crore: Stock Surge
Shares of the Emami surged on Wednesday after the company said that it has acquired hair & scalp care business the ‘Kesh King' for Rs 1,651 crore.
The transaction envisages transfer of business as on going concern on a slump sale basis.
The Kesh King portfolio includes of hair oil, shampoo and ayurvedic capsules, along with its respective formulations and all related assets, rights and liabilities, including working capital, Emami said in a statement.
The brands have established themselves as a No 1 player in the category with 5.4 lac outlets with turn around of Rs 300 crores in FY15.
Emami's current oil portfolio includes Navratna Cool Oil and Emami 7 Oils-in-One Oil.
With rising pollution and growing cases of lifestyle related diseases, demand for hair and scalp care would continue to rise exponentially," Agarwal said.
"The acquisition will be funded by a judicious mix of surplus funds, short term and long term debt and the process is expected to be completed in a month's time," said NH Bhansali, CEO, finance, strategy and business development.
The shares of the Emami were seen trading at Rs 1085, higher by 1.82 per cent on BSE at 12.05 pm IST. It touched an intra-day high of Rs 1116 during the trade.
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