Raymond rallied 7% to Rs 797 on BSE in intra-day trade after the company announced the acquisition of Ansell’s stake in joint venture entity JK Ansell.
Raymond acquires 50% of Ansell stake in JK Ansell Company for 100% ownership of its sexual wellness and personal care business under the brand KamaSutra.
"With this transaction, the sexual wellness and personal care business will continue to remain in JK Ansell, which will become a wholly-owned subsidiary of JK Investo Trade (JKIT), a Raymond group company.
As per the proposed deal, JKIT will sell its stake in the gloves business to Pacific Dunlop Holdings (Singapore), an Ansell group company," the company said in a statement.
The acquisition will help to scale up the company's FMCG business and unlock the potential of brand KamaSutra globally, it added.
“With this acquisition combined FMCG business is expected to be Rs 800 crore consumer value in FY18. Having outlined a detailed roadmap, Brand KamaSutra is poised to become top 5 global brands in the Sexual Wellness category,” Giriraj Bagri, President – FMCG business, Raymond said.
At 10:53 am, the stock was up 6% at Rs 792 on BSE, as compared to 0.71% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 1.36 million shares changed hands on the BSE and NSE so far.
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