Streamlining its group structure, Godrej Consumer Product (GCPL) today said it would amalgamate its two wholly-owned overseas holding firms with itself.
GCPL would amalgamate Godrej Consumer Products Mauritius Ltd (GCPML) and Godrej Consumer Products US Holding Ltd (GCPUSHL) with the company.
"Both the transferor companies are wholly-owned subsidiaries of GCPL. As per the scheme GCPML and GCPUSHL will be amalgamated into GCPL," the company said in a BSE filing.
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However, the company also added that the scheme would be subject to requisite statutory clearances in India and Mauritius.
It further said that as both the companies are wholly owned subsidiaries and are related parties, hence "no shares will be issued as consideration for the amalgamation"
Moreover, shares held by GCPL in GCPML and GCPUSHL "shall stand canceled", it added.
The move would "streamlined group structure by reducing the number of legal entities in the group structure" and reduce "multiplicity of legal and regulatory compliances," GCPL informed.
