Moneycontrol Bureau
Unilever Plc on Thursday- said it would start to increase its stake in Hindustan Unilever from June 21 after it gained approval from the Indian market regulator.
This would raise the stakes of the parent company in Hindustan Unilever to 75 percent from 52 percent.
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The Anglo-Dutch giant Unilever Plc had made an open offer for an additional 22.52 percent stake in the company at Rs 600 per share. Hindustan Unilever's fourth quarter numbers for FY13 beat street estimates as its net profit rose 15 percent year-on-year to Rs 787 crore, helped by lower cost of key raw materials. The Hindustan Unilever stock had recovered sharply from its 52-week low of Rs 443.05 on March, 2013. Following the share buyback news, the stock touched a 52-week high of Rs 598.00 on May 31, 2013 and stayed in the same neighbourhood since then. On Thursday, the HUL stock closed flat at Rs 594.75 after touching an intraday high of Rs 595.25 and an intraday low of Rs 592.35. With inputs from Reuters
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