Dabur India open offer for Fem Care to start on 7 May1 min read . Updated: 07 May 2009, 12:58 AM IST
Dabur India open offer for Fem Care to start on 7 May
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 ₹ 00, which translates into an equity valuation of ₹ 82.4 crore and an enterprise valuation of approximately ₹ 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.