New Delhi: Anglo-Dutch consumer goods giant Unilever Plc. will complete the payment for the shares tendered in an open offer by the shareholders of its Indian arm Hindustan Unilever Ltd, by 18 July 2013.
“The payment for shares accepted will be completed on or before 18 July 2013, at which point Unilever Plc will acquire full beneficial ownership of the shares accepted in the open offer,” Unilever Plc on Friday said in a statement.
The Londan-based firm said the shareholders of Hindustan Unilever Ltd (HUL) tendered a total of 319,991,578 shares, out of which 319,563,398 shares have been accepted by Unilever Plc on completion of the verification of the shares tendered.
“The offer of Rs 600 per share values the transaction at nearly Rs 191.74 billion. Based on the shares tendered which represent 14.78% of HUL, the Unilever Group will increase its stake from 52.48% to 67.26%,” it added.
The tender offer began on 21 June 2013 and ended on 4 July. Unilever fell short of its target as it had planned to hike the stake in HUL to 75% through the open offer from the earlier stake of 52.48 %.
The open offer was first announced on 30 April 2013 and is being managed by HSBC Securities and Capital Markets (India) Pvt Ltd.