Mumbai: Zandu Pharmaceutical on Tuesday said it
has received shareholders' approval for its merger with Emami
and Emami Infrastructure.
In a filing to the Bombay Stock Exchange, Zandu
Pharmaceutical said at the court convened meeting of the
company's equity shareholders on September 11, around 99.87
percentage of shareholders voted in favour of the merger.
"A majority of the shareholders of Zandu Pharmaceutical
Works holding more than 75 percent of the value of shares
present and voting have passed the resolution approving the
scheme of arrangement," the filing added.
Shares of the company witnessed an intra-day high of Rs
11,339.95, up 1.56 percent from its previous closing price.
It was later quoted at Rs 11,199, up 0.30 percent on the BSE.
Meanwhile, the Kolkata-based FMCG firm Emami is looking
at segregating markets as products of Emami and Zandu brands
overlap in some categories such as pain balms and
chyawanprash. The company is also planning a makeover of the
Zandu brands to avoid a product clash in specific categories.
Bureau Report
First Published: Tuesday, September 22, 2009, 14:37