Home / Markets / Stock Markets /  Marico hits 52-week high as company acquires majority stake in Apcos Naturals

MUMBAI: Shares of Marico rose 3.1% to hit 52-week high of Rs549.50 after the company announced acquiring 60% stake in Apcos Naturals, as part of strategic investment, for an undisclosed amount.

At 1210 pm, the Marico traded at Rs533 apiece, up marginally from previous close, while the benchmark Sensex was up 0.6% at 53,209.03.

Fast-moving consumer goods company Marico Ltd on Wednesday announced the acquisition of a 60% equity stake in Apcos Naturals Pvt. Ltd, which sells skin and hair care products under the Just Herbs brand.

The move is in line with the company’s strategy to build scalable digital-first offerings and a premium portfolio of personal care brands. The equity stake will be acquired over two years, through primary infusion and secondary buyouts, the company said in a filing to the exchanges.

The company shall acquire 52.4% of the total paid-up share capital by 31 July 2021 and thus Apcos Naturals shall become its subsidiary. Marico will acquire the remaining 7.6% by 31 March 2023, according to the conditions set out in the shareholders agreement signed between the parties, the company had said in a filing to the stock exchanges.

Marico, which sells Parachute hair oil and Saffola cooking oil, intends to build a portfolio of at least three 100-crore plus digital brands within three years.

It is amo of India's leading consumer products companies in the global beauty and wellness space.

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