Marico gains on executing agreement to acquire stake in Revolutionary Fitness

09 Aug 2019

Marico is currently trading at Rs. 384.85, up by 1.75 points or 0.46% from its previous closing of Rs. 383.10 on the BSE.

The scrip opened at Rs. 385.00 and has touched a high and low of Rs. 386.05 and Rs. 383.50 respectively. So far 2270 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 397.00 on 20-Dec-2018 and a 52 week low of Rs. 286.25 on 11-Oct-2018.

Last one week high and low of the scrip stood at Rs. 383.60 and Rs. 369.65 respectively. The current market cap of the company is Rs. 49456.08 crore.

The promoters holding in the company stood at 59.70%, while Institutions and Non-Institutions held 31.70% and 8.60% respectively.

Marico has executed amendment agreements to the shareholders agreement and the share subscription agreement with Revolutionary Fitness (Revofit) for further infusion in the equity share capital of Revofit such that it will eventually hold upto 37% of the post-acquisition paid-up share capital of Revofit. The company will explore the hybrid physical-digital business model and offer an integrated fitness solutions so as to deliver, a healthy lifestyle to its consumers.

The company holds 22.46% in Revofit which makes it an associate of the company and thus a related party. The subscription to the equity shares of Revofit will be done at a mutually agreed pre-money enterprise valuation and the transaction is on an arms’ length basis.

Marico is one of India’s leading Consumer Products Group, in the global beauty and wellness space. Its products are sold in India and about 25 other countries in Asia and Africa.

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