GIC, Baring invest $97m in India’s Marico
Government of Singapore Investment Corp. (GIC) and Baring India Private Equity will purchase a 4.8% stake in Marico, the leading Indian manufacturer of personal care products, for INR5 billion ($97.7 million). The proceeds will partly be used to finance Marico’s acquisition of Paras Pharmaceuticals’ personal care brands.
The company's board has announced an extraordinary general meeting to get shareholder approval for the transaction. It has agreed to issue 22 million shares to Indivest, a subsidiary of GIC, for INR3.75...
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