Financial Daily from THE HINDU group of publications
Wednesday, Aug 10, 2005
Financial Daily from THE HINDU group of publications Wednesday, Aug 10, 2005 |
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Corporate
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Mergers & Acquisitions Vashisti Detergents may be merged with Hind Lever Our Bureau
Mumbai , Aug. 9 HINDUSTAN Lever Ltd (HLL) plans to merge Vashisti Detergents Ltd (VDL) with itself. Currently, HLL owns 32.90 per cent stake in Vashisti. The FMCG major's board of directors is slated to meet on Thursday in Mumbai to approve the proposal of amalgamation of VDL with HLL. The board will also consider the share swap ratio of one share of HLL for 10 shares of Vashisti as proposed by the chartered accountants, S.B. Billimoria and Co. The board of VDL is also slated to meet on the same day to consider the proposal for merger. Vashisti is a contract manufacturer of soaps and detergents for HLL. It had reported a net loss of Rs 3.64 crore for the year ended March 2005. Shares of Vashisti rose to Rs 16.31 from the previous Rs 14.98 on the Bombay Stock Exchange.
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