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The stock of Godrej Consumer Products will see a positive beginning this week, as Temasek, the investment arm of the Singapore government, has picked up about 5 per cent stake in the company for Rs 685 crore. The acquisition is being made by Baytree Investments (Mauritius) Pte Ltd, indirectly owned by Temasek, at Rs 410 a share. This shows that Temasek valued Godrej Consumer at about Rs 13,700 crore, which is a 5 per cent premium to its Friday closing market capitalisation of Rs 13,043 crore, providing room for marginal upside. Godrej Consumer will invest part of these proceeds to acquire a 60 per cent stake in Cosmetica Nacional, a Chilean hair colours and cosmetics company, for an undisclosed amount.
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