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A Singapore Government investment company and a Mauritius-based FII will together pump in Rs 500 crore into FMCG major Marico Ltd.
Marico is seeking shareholders’ nod for the preferential allotment of shares to the two entities.
The company’s board on Friday approved the proposal to allot 2,94,11,764 shares of Re 1 each at an issue price of Rs 170 per share aggregating up to Rs 500 crore on a preferential basis to Indivest Pte Ltd and Baring India Private Equity Fund III Listed Investments Ltd.
While Indivest Pte Ltd, a foreign venture capital investor, is an affiliate of Government of Singapore Investment Corporation Pte Ltd that manages Singapore’s foreign reserves, the other was an FII based in Mauritius.
While the Singapore company will be allotted 22,058,823 shares valued at Rs 375 crore, Baring India Private Equity Fund would be allotted 7,352,941 shares worth Rs 125 crore.
Marico will hold an EGM on May 2 to seek the shareholders’ nod for the proposal.
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