First State Investments Picks Up Rs 184-Crore Stake in Marico

First State Investments Picks Up Rs 184-Crore Stake in Marico
New Delhi: Global fund house First State Investments Management (UK) Ltd has bought stake in FMCG major Marico Ltd for over Rs 184 crore through an open market transaction.

According to a BSE filing, the investment firm, which earlier had a 6.72 per cent stake in Marico, bought about 85.41 lakh shares, or a 0.66 per cent stake, in the company.

The shares were bought on January 25 and based on the closing price of Rs 215.05, the transaction is estimated to have been valued at Rs 183.68 crore.

First State Investments Management's total shareholding in the FMCG firm now stands at 7.39 per cent.

Marico's product portfolio consists of brands including Parachute, Parachute Advansed, Saffola, Hair & Care, Nihar, Livon, Setwet, Zatak, Mediker and Revive.

Shares in Marico, on Wednesday, ended 0.53 per cent lower at Rs 213.90 apiece on the BSE, whose benchmark Sensex index finished nearly flat.
More News