FMCG player Godrej Consumer Products today said its shareholders have approved acquiring 51 per cent stake of US-based Sara Lee in joint venture Godrej Sara Lee.
Shareholders also approved raising Rs 3,000 crore by share sale, the company said in a filing to the Bombay Stock Exchange.
Shareholders of Godrej Consumer Products, by way of postal ballot, have approved to fully acquire remaining stake of Sara Lee in the joint venture company, Godrej Sara Lee, the firm said.
Godrej Sara Lee, which manufactures insect repellents, is a 49:51 joint venture company between Godrej Consumer Products and Sara Lee.
The company has received approval to raise up to Rs 3,000 crore by share sale through foreign currency convertible bonds, debentures and American Depository Receipts for various corporate purposes.