Hindustan Unilever gains 2% as board approves formation of a new subsidiary

The company is setting aside Rs 500-800 crore for investment in new plants under the subsidiary

Hindustan Unilever (HUL) shares climbed over 2 per cent to Rs 2,279 on the BSE on Tuesday after the company's board approved the formation of a new wholly-owned subsidiary with an authorised share capital of Rs 2,000 crore. The stock was trading close to its lifetime high of Rs 2,307.20, hit on February 19, 2020

"This new subsidiary has been formed to leverage the growth opportunities in a fast-changing business environment and will help HUL in becoming more agile and customer-focused," the firm said in an exchange filing. READ THE FILING HERE
 

The FMCG major's Chief Financial