Colgate buys remaining 25 per cent stake in subsidiary for Rs 2.4 crore

MUMBAI: Personal care products maker Colgate Palmolive (India) Ltd today said Professional Oral Care Products Pvt Ltd has become a wholly owned subsidiary of the firm as it acquired the remaining 25 per cent stake for Rs 2.4 crore in the latter.

The company already owns 75 per cent stake in Goa-based Professional Oral Care Products, which manufactures toothpaste, Colgate Palmolive (India) said in filing to the Bombay Stock Exchange.

Colgate Palmolive (India) bought the remaining 25 per cent share capital from local shareholders at an aggregate price of Rs 2.40 crore.

The oral care products manufactured by it include toothpastes, toothpowder, toothbrushes and whitening products, while personal care products comprise of body wash, liquid hand wash, and those for skin and hair care .

Shares of the company closed at Rs 723.60, up 6.64 per cent from previous close on the BSE.