Financial Daily from THE HINDU group of publications
Tuesday, Mar 08, 2005
Financial Daily from THE HINDU group of publications Tuesday, Mar 08, 2005 |
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Corporate
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Mergers & Acquisitions Dabur shareholders okay Balsara buy Our Bureau
New Delhi , March 7 DABUR India Ltd on Monday informed the Bombay Stock Exchange that the members of the company have approved investments in three Balsara group companies with requisite majority, via a postal ballot. In January, Dabur India acquired majority stake in Balsara Hygiene Products Ltd, Balsara Home Products Ltd and Besta Cosmetics Ltd for a total consideration of Rs 143 crore. It said shareholders have also approved any loans or guarantees the company may provide for investments in its subsidiary companies. "The shareholders of Dabur India have given their approval through postal ballot by an overwhelming majority for acquiring the oral and home care products business of Balsara. Over 99 per cent of the shareholders (who voted), voted in favour of the resolution," the Chairman, Mr V.C. Burman, said in a statement. The Chief Executive Officer, Mr Sunil Duggal, said that "The management will be unveiling the strategy for amalgamation of the acquired brands soon." Dabur's acquisition of Balsara's businesses will give it access to oral-care brands Meswak, Promise and Babool, as also homecare brands Odonil, Odopic, Sani Fresh and Odomos.
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