Emami shares up over 3% at close after Australian acquisition

Mumbai: Shares of Emami rose by over 3 percent today after the FMCG major acquired a controlling stake in Australia-based Fravin Pty Ltd along with it's three subsidiaries for an undisclosed sum.[caption id="attachment_348355" align="alignleft" width="380"] An Emami product. [/caption]Emami's scrip rose by 3.44 percent to end at Rs 888 on the BSE. During the day, it gained 8.34 per cent to Rs 930.05 -- its 52-week high. At the NSE, it settled with a gain of 3.29 percent at Rs 888.10.The acquisition of 66.67 percent stake in Fravin Pty Ltd, a firm manufacturing natural and organic personal care products, has been done by the company's arm Emami International FZE, Emami said in a statement.Commenting on the development, Emami Ltd director Harsh Agarwal said: "The Fravin acquisition is in sync with the Company's strategy to grow aggressively through both organic and inorganic routes in India and overseas."This is a significant step for the organisation as the acquisition marks Emami's entry into organic personal care products where it was not present earlier, he added. PTI