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P&G proposal for stake acquisition in co gets govt nod: Merck Ltd

Press Trust of India  |  New Delhi 

Drug firm Ltd said Wednesday the government has approved the proposal of & Gamble Overseas India BV to acquire up to 77.80 per cent stake in the company.

The has approved the proposal of & Gamble Overseas India BV for acquisition of up to 77.80 per cent of the paid-up equity share capital of the company, Ltd said in a filing to BSE.

The company further said out of the 77.80 per cent paid-up equity share capital, 51.80 per cent was held by current promoters and up to 26 per cent by public shareholders, it added.

In April this year, Ltd had said that & Gamble would acquire 51.80 per cent stake for Rs 1,289.88 crore in the company as part of a global deal under which P&G was taking over German firm Merck KGaA's international consumer

In a regulatory filing then, had said Procter & Gamble Overseas India and had launched up to Rs 647.53 crore open offer to acquire up to 4,315,840 equity shares of Merck Ltd, constituting 26 per cent stake, from public shareholders.

Shares of today closed at Rs 2,882.80 on BSE, up 5 per cent from the previous close.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 10 2018. 21:20 IST