In a strategic move, the Rs 600 crore Emami Ltd has revised its open offer price for minority shareholders of Zandu Pharmaceutical Works Ltd. The new offer is now pegged at Rs 15,000 per scrip against an offer price of Rs 7,315 per share made in June 2008.

Announcing the news, Harsh V Agarwal, director, Emami Group of Companies said, ?We have always kept the interest of the minority shareholders in mind and thus decided to come up with a revised offer in the wake of prevailing market trends. This is a good opportunity for the shareholders to realize best value for their shares.” Anand Rathi Financial Services is working as the manager for this open offer.

In May 2008, Emami entered into an off-market deal with Vaidyas, a promoter group in Zandu, to pick up 23.6% stake in the company. The deal was inked for a total sum of about Rs 130 crore at an offer price of Rs 6,900 per share to the Vaidyas (inclusive of non-compete fees of Rs 100). With this, Emami currently holds a total of 27.5% stake in Zandu.

In a filing to the Bombay Stock Exchange, the company said that it would make suitable arrangements for issuing corrections to public announcement in all newspapers in which the original public announcement was made. Shares of Emami were trading at Rs 274, down 4.84%, while Zandu was quoted at Rs 16,728.30, down 5% on the BSE in morning trade. Established in 1974, Emami manufactures and markets trusted power brands like Boroplus, Navratna, Fair and Handsome, Sona Chandi, Mentho Plus and Himani Fast Relief.