Hindustan Unilever Ltd.

Betting big on Asia’s fast-growing spending power, Anglo-Dutch consumer goods giant Unilever Plc will pay as much as $5.4 billion to raise its stake in its Indian unit, Hindustan Unilever (HUL). The parent company would acquire up to 487 million shares or 22.52% of the equity, of HUL in an open offer for Rs 600 a share, translating into 20.6% premium to Monday's closing price (Rs 497.60 on BSE).

Further, the offer, which is payable in cash and is expected to begin in June 2013. The open offer at $5.4 billion would be the largest equity offer ever in India. HSBC is the lead manager of the offer.