HUL open offer price fixed at Rs 600 a share
Unilever's voluntary open offer to increase its stake in Hindustan Unilever Ltd (HUL) will begin on Friday and remain open till July 4. The open offer...
Unilever's voluntary open offer to increase its stake in Hindustan Unilever Ltd (HUL) will begin on Friday and remain open till July 4. The open offer price has been fixed at Rs 600 apiece, the statement said, adding that the company will offer Rs 6 bonus per share. Currently, Unilever holds 52.48 per cent in HUL and post open offer it will go up to 75 per cent.
The world's second-largest consumer goods company "is making a voluntary open offer to acquire 48,70,04,772 shares representing 22.52 per cent of the total voting share capital from the public shareholders of Hindustan Unilever", Unilever said.
The Anglo-Dutch consumer goods giant had on April 30 said it would pump in $5.4 billion or over Rs 29,380 crore in HUL to hike stake in its holding in the domestic arm to 75 per cent through an open offer, and offered Rs 600 a share, which was 21 per cent higher than HUL's closing price of Rs 497.35 the previous day, when it had announced the annual numbers.
According to an agreement between HUL and Unilever for the provision of technology, trademark licences and other services, royalty payment by the Indian arm to its parent will increase to 3.15 per cent of turnover by the financial year ending March 31 2018.