i think itz a beneficial time for Marico to issue stock
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Marico Ltd, well-known for brands like Parachute coconut oil, Kaya skincare service, Saffola brands of oats and wheat flour, on Monday stated that it will sell around 4.6% in the firm to two foreign investors for around Rs 500 crore.
The company will utilize the income to fund acquirement of the personal care biz of Paras from Reckitt Benckiser.
Fast-moving consumer goods (FMCG) giant, which has already bagged board authorization to sell 3.4% equity stake to Indivest Pte Ltd, an associate of the Government of Singapore Investment Corporation Pte Ltd and another 1.1% equity stake to Baring India Private Equity Fund III Listed Investments Ltd, is looking for shareholders’ authorization for the same.
In a report, the company stated, “The objective is to fulfill a substantial part of the funding requirements to complete the proposed acquisition of Paras’ personal care business by the company.”
The consideration payable for the said acquirement shall be funded through a mixture of fresh equity and internal accruals.
The stock looks good for medium or long term investment.
The investors can buy the stock on declines.
Marico Ltd Board declares Second Interim Dividend of Rs.0.40