Godrej seeks shareholders' nod to buy Godrej Sara Lee
Press Trust of India / Mumbai Jan 08, 2010, 19:40 IST
FMCG major Godrej Consumer Products today said it has sought shareholders approval for acquiring 51 per cent stake of US-based Sara Lee in the joint venture, Godrej Sara Lee.
The company has also sought stake-holders' nod to raise Rs 3,000 crore by share sale.
Godrej Consumer Products, by way of postal ballot, has asked for shareholders' approval to fully acquire remaining stake of Sara Lee in the joint venture company, Godrej Sara Lee, the firm said in a filing to the Bombay Stock Exchange.
Godrej Sara Lee, which manufactures insect repellents, is a 49:51 joint venture company between Godrej Consumer Products and Sara Lee.
Further, the company has sought nod to raise up to Rs 3,000 crore by share sale through foreign currency convertible bonds, debentures and American Depository Receipts for various corporate purposes.
The board of the Godrej Consumer Products has already approved the proposed acquisition of 51 per cent stake from Sara Lee.
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