LONDON — Unilever PLC, parent of brands including Vaseline, Dove and Lux, said it would increase its stake in Hindustan Unilever, a publicly traded company, to 67.26 percent from the current 52.48 percent.
The increase follows the announcement in April of a voluntary open offer to shareholders that began in June.
The offer price of INR 600, or $9.97, per share, values the transaction at approximately INR 191.7 billion, or $3.19 billion. Dollar figures have been converted at current exchange.
The payment for shares accepted will be completed on or before July18, at which point Unilever PLC will acquire full beneficial ownership of the shares accepted in the open offer.
“We will significantly increase our stake in Hindustan Unilever, an excellent Indian business with a proud heritage and the potential for attractive long-term growth,” said Paul Polman, Unilever’s chief executive in a statement.
Unilever said the bid to increase its stake is part of a strategy to invest in emerging markets, as reported.