New Delhi: FMCG major Marico on Saturday said its board has approved raising of up to Rs 500 crore through issue of shares to two foreign investors.
The company's board, which met on Saturday, has approved to allot 2,94,11,764 equity shares of Re 1 each at an issue price of Rs 170 per share aggregating to an issue size of Rs 500 crore to Indivest Pte Ltd and Baring India Private Equity Fund III Listed Investments Ltd, Marico said in a filing to BSE.
Indivest would be alloted 22,058,823 shares at a proposed issue size of Rs 375 crore, while Baring India will be allotted 73,52,941 shares at proposed issue size of Rs 125 crore, it added.
While Indivest is an affiliate of Government of Singapore Investment Corporation Pte Ltd, Baring India Private Equity Fund III Listed Investments Ltd is a Mauritius-based firm.
In another decision, the board has also decided to alter the authorised share capital of the company by cancelling 5 crore unissued preference shares of Rs 10 each of the company and creating 50 crore equity shares of Re 1 each, Marico said.
It was also decided to convene an extra-ordinary general meeting (EGM) on May 2, 2012 to seek shareholders nod for the same.