Shares of Godrej Consumer Products has rallied after the FMCG major decided to sell 4.9% stake to Baytree Investments, an arm of Singapore-based investment firm Temasek, to raise Rs 6.85bn for acquisitions and reduce debt.
The stock is currently trading at Rs432, up Rs29.85. The stock has hit a high of Rs 443 and a low of Rs 415.
Total traded quantity on the counter stood at over 83,156 shares.
Godrej Consumer Products also announced that it has acquired a 60% stake in Chile's Cosmetica Nacional. The Company could increase the stake to 100% in the next 3-5 years. Cosmetica Nacional has turnover of US$36mn, according to media reports.
Separately, Godrej Consumer said that its consolidated net profit in the third quarter of FY12 stood at Rs 167.10 crore on the back of strong sales across all categories. The company had posted a net profit of Rs 118.82 crore for the corresponding period of last year.