FMCG major Dabur India today said its open offer for acquiring an additional 20 per cent stake in Fem Care will begin on May 7. Dabur India said its open offer to the shareholders of Fem Care Pharma (FCPL), a leading player in the women's skin care products market, would now begin on May 7 and close on May 26, 2009, it said in a filing to the Bombay Stock Exchange.
The open offer was earlier scheduled to begin on January 15 and close on February 3. Last year, Dabur had acquired a 72.15 per cent stake in the Mumbai-based firm for Rs 203.7 crore in an all cash deal.
The transaction materialised at a price per share of Rs 800, which translates into an equity valuation of Rs 282.4 crore and an enterprise valuation of approximately Rs 300 crore of FCPL.
Indian takeover regulation necessitates the acquirer to make an open offer to the shareholders for a further 20 per cent stake in the target company, if its holding increases to 15 per cent.
Fem Care Pharma's product portfolio includes fairness bleach, hair remover and liquid soap under the Fem brand. It also has other brands such as oxybleach cream, botanica anti-aging cream, stratum colour protecting hair conditioners, SAKA men's bleach and Bambi fabric softeners.
Shares of Dabur closed at Rs 104.30, down 0.62 per cent, while FCPL was up 0.07 per cent at Rs 762.50 on the BSE.