Hindujas Pick Up 5.33% In Lever Firm

Hinduja Finance Corporation has said it has picked up a 5.33 per cent stake in Vashisti Detergents Ltd, a Hindustan Lever group company.

In a notice to the Bombay Stock Exchange (BSE), Hinduja Finance has said it has picked up 27, 38,200 equity shares of Rs 10 each from the open market. Vashisti Detergents' stock price has been moving up since mid-December from Rs 26 to Rs 36 currently. The price touched Rs 40 some days back.

Vashisti Detergents was a sick Tomco unit when Tomco was taken over by Hind Lever. Under the agreement with Tomco, HLL absorbed all liabilities of Vashisti and also agreed to invest money and revive its operations.

 

It recently bought over Maharashtra Petrochemicals Corporations 23 per cent stake in Vashisti to raise its own stake to 34 per cent.