Anglo-Dutch consumer goods giant Unilever Plc Thursday said it has received approval from SEBI for its USD 5.4 billion-open offer to buy 22.52 percent stake in its Indian arm--Hindustan Unilever Ltd (HUL).
New Delhi: Anglo-Dutch consumer goods giant Unilever Plc Thursday said it has received approval from SEBI for its USD 5.4 billion-open offer to buy 22.52 percent stake in its Indian arm--Hindustan Unilever Ltd (HUL).
The company said it has received approval from the market regulator Securities and Exchange Board of India (SEBI) for its voluntary open offer to increase stake in HUL from 52.48 percent to up to 75 percent, Unilever Plc said in a statement.
"The tender period will commence on June 21, 2013 and will end on July 4, 2013," it added.
The offer is being managed by HSBC Securities and Capital Markets (India) Pvt Ltd, the company said.
Once complete, the open offer would be one of the biggest deals and fifth largest India in-bound M&A transaction on record till date.
Unilever will pay Rs 600 a share, valuing the open offer at USD 5.4 billion.
In April, the world's second-largest consumer goods company had announced to acquire 48,70,04,772 shares representing 22.52 percent of the total voting share capital from the public shareholders of HUL.
HUL's portfolio includes leading brands such as Lux, Lifebuoy, Surf Excel, Rin, Wheel, Sunsilk, Pepsodent, Closeup, Axe, Brooke Bond, Bru, Knorr, Kissan, Kwality Wall's and Pureit.
The company, which employs over16,000 employees, posted net sales of Rs 26,317.15 crore for the 2012-13 fiscal.
Shares of HUL Thursday closed at Rs 594.75 on the BSE, up 0.19 percent from its previous close.