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| HC clears Dabur, Fem Care merger |
| BS Reporter / Mumbai Jun 10, 2010, 00:33 IST |
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The Bombay High Court has approved the merger of cosmetic maker Fem Care Pharma with Dabur India. The approval marks the final step towards the completion of Fem Care Pharma’s amalgamation with Dabur India, the latter said in a statement.
Earlier, the company had received approval from equity shareholders, secured and unsecured creditors, the Ministry of Corporate Affairs, and the Delhi High Court, for the merger.
Dabur Group Director P D Narang said: “The approval from the Bombay High Court represents a significant step forward for the company in its strategy to accelerate growth in its core fast moving consumer goods business.”
It was in November 2008 that Dabur first acquired a 72.15 per cent stake in Fem Care for Rs 203.7 crore. This was an all-cash deal. Dabur followed it up with an open offer for an additional 20 per cent stake in the company. This was for Rs 56 crore.
With the completion of this transaction, Fem Care became a subsidiary of Dabur India. It was then that Dabur sought to merge Fem Care with itself. The scheme of amalgamation was approved under the provisions of Sections 391 to 394 of the Companies Act, 1956, with the appointed date for the merger being April 1, 2009.
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