Jyothy Laboratories vaulted to Rs 427, a new 52-week high, this morning, amid buzz that German firm Henkel AG is likely to get time till November to buy a 26% stake in Jyothy Laboratories.
The stock exchanges have sought clarification from Jyothy's Laboratories on these reports, and a reply from the company is awaited.
As per the agreement entered into by Henkel with Jyothy's Laboratories, Henkel has an option to acquire upto 26% of the equity capital of Jyothy Laboratories, either through primary or secondary transactions, or both, after a period of five years.This agreement was signed by the two companies in May 2011.
Jyothy Laboratories is currently trading at Rs 410, up more than 11% from its previous closing price. On BSE, the Jyothy Laboratories counter has clocked a volume of over 87,000 shares so far in the session, nearly 7 times the average daily volume of around 13,000 shares seen at the counter. On the National Stock Exchange, over 7 lakh shares have changed hands so far at the Jyothy Laboratories counter today.
