Godrej Consumer acquires balance 25% stake in Canon Chemicals; stocks trade flat

Post-acquisition, GCPL's subsidiary now holds a 100% stake in Canon. The transaction is carried through cash.

May 18, 2020 09:05 IST India Infoline News Service

Godrej Consumer Products has acquired the remaining 25% stake in Canon Chemicals through its wholly-owned subsidiary. The company already holds 75% stake in Canon through a Kenya-based subsidiary Godrej East Africa Holdings Limited.

Post-acquisition, GCPL's subsidiary now holds a 100% stake in Canon. The transaction is carried through cash.

Canon Chemicals, a Kenya based home and personal care company, manufactures and distributes products in the personal and home care categories.

GCPL had entered into an agreement for the acquisition of 75% stake in February 2016.

However, on Monday, the Godrej Consumer share price was trading flat at Rs545.30 per piece on Sensex at around 09.53 am.

Since the market opening, the share has touched an intraday high and low of Rs552.40 per piece and Rs541 per piece respectively.

The share opened at Rs546.75 per piece on Sensex. 

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