Anglo-Dutch consumer goods giant Unilever Plc will complete the payment for the shares tendered in an open offer by the shareholders of its Indian arm Hindustan Unilever Ltd, by July 18, 2013.
"The payment for shares accepted will be completed on or before July 18, 2013, at which point Unilever Plc will acquire full beneficial ownership of the shares accepted in the open offer," Unilever Plc today said in a statement.
The London-based firm said the shareholders of Hindustan Unilever Ltd (HUL) tendered a total of 319,991,578 shares, out of which 319,563,398 shares have been accepted by Unilever Plc on completion of the verification of the shares tendered.
"The offer of Rs 600 per share values the transaction at nearly Rs 191.74 billion... Based on the shares tendered which represent 14.78 percent of HUL, the Unilever Group will increase its stake from 52.48 percent to 67.26 percent," it added. The tender offer began on June 21, 2013 and ended on July 4. Unilever fell short of its target as it had planned to hike the stake in HUL to 75 percent through the open offer from the earlier stake of 52.48 percent.
The open offer was first announced on April 30 2013 and is being managed by HSBC Securities and Capital Markets (India) Pvt Ltd.
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