Personal care products major Colgate Palmolive today announced that it will merge its subsidiary Professional Oral Care Products Pvt Ltd with itself from April one.
The board gave its approval for the merger today, the company said in its filing to the Bombay Stock Exchange.
Colgate Palmolive, which held a 75 per cent stake in Professional Oral, last week bought the remaining 25 per cent in the Goa-based firm for Rs 2.4 crore from public shareholders. The oral care products manufactured by it include toothpastes, toothpowder, toothbrushes and whitening products, while personal care products comprise body wash, liquid hand wash, and those for skin and hair care.
”The entire equity share capital of Professional Oral is held by the company. Therefore, upon the scheme becoming effective, the entire equity share capital of Professional Oral will stand cancelled and there will be no issue and allotment of shares pursuant to the scheme,” the filing added.
