The Man Company becomes subsidiary of Emami as it increases holding to 50.40%; stock jumps ~2%

1 Jul 2022 , 02:12 PM

Emami Limited has informed that its stake in Helios Lifestyle Private Limited (The Man Company) has increased from 49.53% to 50.40% as a result of the allotment of 4,639 Equity Shares by Helios to Emami Ltd.

Consequently, Helios has become the subsidiary of the company effective from July 1, 2022.

Currently, the Company holds a 49.53 % stake in Helios. Post allotment of 4,639 equity shares, Emami's stake in Helios has been increased to 50.40% on an Issued & Paid-up capital basis.

The company has not disclosed the Price of shares due to reasons of confidentiality.

Mr. Hitesh Dhingra, Mr. Parvesh Bareja, and Mr. Bhisam Bhateja founded Helios.

Under the brand name "The Man Company," it manufactures and sells male grooming products. It caters to the high-end market. It provides a full range of grooming products for men, including beard products, skin and hair care products, deodorant and perfumes, and so on.

The company mainly targets the Indian markets and has an Omni-channel presence.

At around 2.10 PM, Emami was trading at Rs427.50 up by Rs9.2 or 2.2% from its previous closing of Rs418.30 on the BSE. The scrip touched intraday high and low of Rs429.60 and Rs415.75 respectively.