JOIN USHindustan Unilever on Wednesday said that a $5.4-billion open offer by its parent firm Unilever Plc to buy 22.52 per cent stake in the company would begin on June 21.
Once complete, the open offer would be one of the biggest deals and fifth largest India Inbound M&A transaction on record till date.
Anglo-Dutch consumer goods giant Unilever Plc is looking to hike stake in its Indian arm Hindustan Unilever Ltd (HUL) to 75 per cent through the open offer. Currently, it has a stake of 52.48 per cent.
Unilever will pay Rs 600 a share, valuing the open offer at $ 5.4 billion. The open offer would begin on June 21 and close on July 4, HUL said in a regulatory filing.
Last week, HUL's board had constituted a committee of independent directors to provide recommendation to the shareholders about the open offer.
The committee would consist of all the five independent directors of the company — Aditya Narayan, S Ramadorai, R A Mashelkar, O P Bhatt and Sanjiv Misra.
HUL's portfolio includes leading brands such as Lux, Lifebuoy, Surf Excel, Rin, Wheel, Sunsilk, Pepsodent, Closeup, Axe, Brooke Bond, Bru, Knorr, Kissan, Kwality Wall's and Pureit.
The company, which employs over16,000 employees, posted net sales of Rs 26,317.15 crore for the 2012-13 fiscal.
Shares of HUL closed at Rs 586.70 on Wednesday on BSE, up 1.23 per cent from its previous close.