Emami, a leading player in the personal and healthcare consumer products, today entered into an agreement with Sanjeev Juneja to acquire his hair & scalp business under the 'Kesh King' and allied brands. The acquisition marks Emami's foray in the Ayurvedic Hair & Scalp Care segment which is growing at a rapid pace.
The transaction envisages transfer of the business as going concern on a slump sale basis and will include brand portfolio of ayurvedic medicinal oil, herbal shampoo & conditioner and ayurvedic capsules along with its respective formulations and all related assets, rights and liabilities including work capital for a total consideration of Rs 16.51 billion.
Shares of the company declined Rs 52.95, or 4.68%, to trade at Rs 1,078.85. The total volume of shares traded was 10,792 at the BSE (12.13 p.m., Tuesday).