Marico is trading higher by over 3% at Rs 235 after the board of directors of personal products maker has approved a proposal to restructure company’s businesses and corporate entities with effect from April 1, 2013 to unlock value. The company plans to demerge its services business Kaya into a separate listed firm in a move that could help improve valuations of the parent company.
“The company propose to create two separate companies through partitioning of the current Marico, into an FMCG business company which is Marico (already in existence) and a Skin Care Solutions business company which will be Marico Kaya Enterprises (MaKE, to be formed) or any such other name as may be approved by the Registrar of Companies,” Marico said in a statement.
One fully paid-up equity share of Rs 10 each of MaKE will be issued and allotted at a premium of Rs 200 per share for every 50 fully paid-up equity shares of Re 1 each held in Marico, it added.
The stock opened at Rs 227 and hit a 52-week high of Rs 236 on the NSE. A combined around 104,000 shares have changed hands on the counter in opening deals on both the exchanges.
