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Emami fixes price band at Rs. 60-70

By Our Staff Correspondent

MUMBAI, MARCH 2. Emami, a leading players in personal, beauty and healthcare products, is entering the capital market with a public issue of 50 lakh equity shares of Rs. 2 each for cash at a price to be determined through the book-building process. The price band for the bidding process has been fixed between Rs. 60 and Rs. 70. The issue opens for bids on March 4 and closes on March 10.

The issue will help Emami, a listed company, comply with the Clause 40A of the listing agreement, which requires corporates to have a minimum of 10 per cent stock holding outside the promoter group. At present, public shareholding in Emami is only 3.92 per cent and post-issue, it would be around 11.7 per cent. The issue would constitute 8.18 per cent of the fully diluted post-issue paid-up equity capital of the company. At present, it stands at Rs. 11.23 crores.

"We are now exploring the opportunities for growth in the existing categories from low unit packs and through deeper penetration of rural markets. To grow further, we are also planning brand extensions as also breaking into fresh segments," said R. S. Agarwal, Chairman. The company entered the Babycare segment three months ago and is planning to enter the OTC herbal medicines segment in the next six months. The scrip is listed on the Bombay and Calcutta stock exchanges and is priced around Rs. 85.

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