Unilever PLC has increased its stake in the Indian arm Hindustan Unilever Ltd (HUL) to 67.28 per cent from the earlier stake of 52.48 per cent through an open offer which commenced on June 21 and closed yesterday.
Unilever paid 600 rupees per share and received 32 crore HUL shares for a consideration of Rs 19,202 crore. However, the company fell short of its target to raise the stake to 75 per cent.
Unilever PLC said in a statement, "Based on the shares tendered which represent 14.8 per cent of HUL, Unilever would increase its stake from 52.48 per cent to 67.28 per cent".
"The offer price of Rs 600 per share values the transaction at approximately Rs 191.8 billion (Rs 19,180 crore) or 2.45 billion euros (based on prevailing foreign exchange rates)," it added.
Company further said, "The payment for shares tendered and accepted will be completed on or before July 18 2013, at which point Unilever PLC will acquire full beneficial ownership of the shares tendered and accepted in the open offer".
HUL includes brands like Lux, Lifebuoy, Surf Excel, Rin, Wheel, Sunsilk, Pepsodent, Closeup, Axe, Brooke Bond, Bru, Knorr, Kissan, Kwality Wall’s and Pureit.
The company employs over 16,000 employees.
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