Marico to raise Rs 9.5 cr through IPO in Bangladesh

FMCG major Marico today said one of its wholly-owned subsidiary will raise 135 million taka (nearly Rs 9.5 crore) through an Initial Public Offering in Bangladesh.

Marico Bangladesh (MBL), has received an approval from the Bangladesh Securities and Exchange Commission (SEC) for making an IPO in the country, Marico said in a filing to the BSE.

MBL would issue 14,92,100 shares at 90 taka per share, thereby raising 135 million Taka, the filing added.

“It will be for the first time that an overseas subsidiary of Marico will be going public. It will also be for the first time that the Bangladeshi subsidiary of an Indian company will have an IPO in Bangladesh,” Marico Human Resource and Strategy Milind Sarwate said.

Marico Bangladesh operates in the customer products space with brands like Parachute, Aromatic and Camelia, it said.

“Bangladesh has been an important part of Marico’s global strategy. IPO is a further step in localising the Marico business in Bangladesh, through local ownership,” company’s CEO International Business Vijay Subramaniam said.

Shares of Marico were trading at Rs 79.20 on the BSE, down 1.49 per cent over the previous close.