The two subsidiaries to be merged with Honasa Consumer have assets worth Rs 48 crore against the market gain of Rs 1,800 crore on August 26
Shares of Honasa Consumer surged to an all-time high following the approval of a merger with Just4Kids Services and Fusion Cosmeceutics by the NCLT.
The net proceeds of the IPO will be used for advertisement expenses to improve brand visibility and awareness, setting up new exclusive brand outlets, investment in BBlunt for setting up new salons, general corporate purposes and inorganic growth
Founded by Adhuna and Ashoke Bhabani, BBLUNT runs a chain of premium salons and sells premium hair care, hair color and styling products.
It has been a long journey for hair stylist Adhuna Bhabani of BBlunt. She started her career at a young age of 14 as a hair styling intern in UK.
Godrej Consumer's MD Vivek Gambhir says rural growth has been hit by high inflation and deficient rains. But the overall impact for Godrej Consumer could be cushioned because of its geographical mix as 70 percent of sales comes from urban markets and only 30 percenty from rural markets.