Wipro is trading higher by 2% at Rs 387 after the company said it has signed a definitive agreement to acquire 100% shareholding of the L.D. Waxsons Group, a Singapore based fast moving consumer goods (FMCG) company for an all cash consideration of about $144 million (approx Rs 780 crore).
“This transaction will give Wipro, the leadership position in the facial skincare market in Malaysia and Singapore, expand its presence in China, besides enhancing its market position in other Asian markets,” Wipro said in a statement.
The transaction is expected to be closed within the next 60 days, it added.
The stock opened at Rs 391 and hit a high of Rs 392 on the BSE. A combined around 290,000 shares have changed hands on the counter in opening deals on both the exchanges.
