Emami loses Paras bid, shares jump 20pc
Tuesday, 14 December 2010
MUMBAI, Dec 13 (Reuters): Shares of personal care products maker Emami Ltd jumped 20 per cent to hit its upper circuit Monday after its attempt to acquire privately-held Indian Paras Pharmaceuticals fell through as fears of overpaying for the deal subsided, analysts said.
British consumer goods company Reckitt Benckiser said Sunday it agreed to buy privately-held Paras Pharmaceuticals for 32.6 billion rupees ($26 million).
Paras, which clocked sales of more than 4 billion rupees in 2010, makes several over-the-counter medications, including Moov pain relief ointment, Krack heel care lotion, and D'Cold cold remedy.
British consumer goods company Reckitt Benckiser said Sunday it agreed to buy privately-held Paras Pharmaceuticals for 32.6 billion rupees ($26 million).
Paras, which clocked sales of more than 4 billion rupees in 2010, makes several over-the-counter medications, including Moov pain relief ointment, Krack heel care lotion, and D'Cold cold remedy.