Colgate gets board nod to merge subsidiary with itself

Personal care products maker Colgate Palmolive today said it will merge its subsidiary Professional Oral Care Products Pvt Ltd with itself.

The board today approved the merger of Professional Oral Care Products, a wholly-owned subsidiary of the company, with itself effective from April 1, 2009, Colgate Palmolive (India) said in a filing to the Bombay Stock Exchange.

Colgate Palmolive, which held a 75 per cent stake in Professional Oral, last week bought the remaining 25 per cent in the Goa-based firm for Rs 2.4 crore from public shareholders.

The oral care products manufactured by it include toothpastes, toothpowder, toothbrushes and whitening products, while personal care products comprise body wash, liquid hand wash, and those for skin and hair care.

"The entire equity share capital of Professional Oral is held by the company. Therefore, upon the scheme becoming effective the entire equity share capital of Professional Oral will stand cancelled and there will be no issue and allotment of shares pursuant to the scheme," the filing added.

Shares of Colgate-Palmolive were trading at Rs 700, up 0.21 per cent over previous close on the BSE.