12% Colgate India shares to change hands

The Singapore-based Colgate-Palmolive(Asia) Pte, the wholly-owned subsidiary of New York-based Colgate-Palmolive Company is planning to buy 1,65,00,000 shares, constituting approximately 12% of the equity share capital, of Colgate-Palmolive(India) from Colgate-Palmolive Company.

According to a release issued by Colgate-Palmolive (India) to the NSE today, the date of proposed acquisition is on or after August 18,2005, and the mode of acquisition is inter-se transfer. "The proposed acquisition price is the prevailing market price on the date of acquisition," the release added.