Mumbai: FMCG major Dabur India on Wednesday said its open offer for acquiring an additional 20% stake in Fem Care will begin on 7 May.
Dabur India said its open offer to the shareholders of Fem Care Pharma (FCPL), a leading player in the women’s skin care products market, would now begin on 7 May and close on 26 May 2009, it said in a filing to the Bombay Stock Exchange.
The open offer was earlier scheduled to begin on 15 January and close on 3 February.
Last year Dabur had acquired a 72.15% stake in the Mumbai-based firm for Rs203.7 crore in an all cash deal.
The transaction materialised at a price per share of Rs800, which translates into an equity valuation of Rs282.4 crore and an enterprise valuation of approximately Rs 300 crore of FCPL.
Indian takeover regulation necessitates the acquirer to make an open offer to the shareholders for a further 20% stake in the target company, if its holding increases to 15%.
Fem Care Pharma’s product portfolio includes fairness bleach, hair remover and liquid soap under the Fem brand. It also has other brands such as oxybleach cream, botanica anti-aging cream, stratum colour protecting hair conditioners, SAKA men’s bleach and Bambi fabric softeners.
Shares of Dabur closed at Rs104.30, down 0.62%, while FCPL was up 0.07% at Rs762.50 on BSE.