Raymond stock rises over 5% on acquisition of Ansell's stake in brand KamaSutra

Aug 18, 2017,
Updated Aug 18, 2017 12:04 PM IST

The Raymond stock rose on Friday after the Raymond Group bought 50 percent of its Australian JV partner Ansell's stake in JK Ansell, the manufacturer of condoms and deodorants under the KamaSutra brand, for Rs 19.30 crore

At 11:49 am, the stock was trading 5.69 percent or 42.45 points higher at 788.20 level on the BSE.

The stock hit an intraday high of 797 level on the BSE. The acuisition will pave the way for Raymond to further scale up the FMCG business.

Following the deal, JK Ansell, which is into sexual wellness and personal care business, will become a wholly owned subsidiary of JK Investo Trade (JKIT), a Raymond group firm, the company said in a statement.

JK Ansell, on its part, will sell its B2B surgical gloves business to Singapore-based Pacific Dunlop Holdings, an Ansell group company.

Raymond CMD Gautam Hari Singhania said: "This acquisition of Ansell's 50 per cent stake gives us the full ownership of brand KamaSutra that strengthens our FMCG portfolio." KamaSutra is a 25-year old brand, which is also present in the deodorant category as KS Deos.

Advertisement
Raymond is the manufacturer, marketer and retailer of suiting fabrics and ready to wear apparel.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

The Raymond stock rose on Friday after the Raymond Group bought 50 percent of its Australian JV partner Ansell's stake in JK Ansell, the manufacturer of condoms and deodorants under the KamaSutra brand, for Rs 19.30 crore

At 11:49 am, the stock was trading 5.69 percent or 42.45 points higher at 788.20 level on the BSE.

The stock hit an intraday high of 797 level on the BSE. The acuisition will pave the way for Raymond to further scale up the FMCG business.

Following the deal, JK Ansell, which is into sexual wellness and personal care business, will become a wholly owned subsidiary of JK Investo Trade (JKIT), a Raymond group firm, the company said in a statement.

JK Ansell, on its part, will sell its B2B surgical gloves business to Singapore-based Pacific Dunlop Holdings, an Ansell group company.

Raymond CMD Gautam Hari Singhania said: "This acquisition of Ansell's 50 per cent stake gives us the full ownership of brand KamaSutra that strengthens our FMCG portfolio." KamaSutra is a 25-year old brand, which is also present in the deodorant category as KS Deos.

Advertisement
Raymond is the manufacturer, marketer and retailer of suiting fabrics and ready to wear apparel.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

Raymond stock rises over 5% on acquisition of Ansell's stake in brand KamaSutra

Following the deal, JK Ansell, which is into sexual wellness and personal care business, will become a wholly owned subsidiary of JK Investo Trade (JKIT), a Raymond group firm, the company said in a statement.

RECOMMENDED

{{title}}