The board has agreed to sell the company's division - Global Shared Services Organisation - to CGBSPL, which is a 100% subsidiary of holding company, Colgate Palmolive Company, USA (CP-USA), by way of a slump sale for Rs 59.89 crore, effective June 1, 2013, Colgate Palmolive said in a filing to the BSE.
"The above consideration has been arrived at on the basis of independent valuation conducted by Ernst & Young Pvt Ltd, to be suitably adjusted at the time of actual transfer," it added.
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The sale will include transfer of all employees, assets, and liabilities, the company said.
In a separate filing to the BSE, the company said its board has approved a third interim dividend of Rs 9 per equity share of Re 1 for the financial year ending March 31, 2013.
"The said interim dividend will be paid on the paid-up equity share capital of Rs 13.60 crore involving a total pay out of Rs 142.25 crore," it added.
The dividend would be paid on April 19, 2013, it said.
Colgate Palmolive (India) closed at Rs 1,281.20 on the BSE, down 2.15% from its previous close.