Glenmark will continue to manage the business until the transaction is completed, and will also continue to manufacture for HUL for an agreed period of time,” a press release said.
Share price of FMCG major Hindustan Unilever jumped almost 7 percent intraday on March 24 and is the top Sensex gainer after the company signed an agreement with Glenmark Pharmaceuticals to acquire its intimate hygiene brand ‘VWash’.”The deal includes acquisition of intellectual property rights, including trademarks, design and know-how related to the VWash brand. The consideration has been split into two parts involving an upfront cash payment upon closing of the deal and a deferred consideration over the next three years,” HUL said in a press release.The transaction is subject to fulfilment of certain conditions and both the companies are looking to seal the deal in the next few months.”Glenmark will continue to manage the business until the transaction is completed, and will also continue to manufacture for HUL for an agreed period of time,” the release added.The stock gained over 19 percent in the last 1 year and was quoting at Rs 1,997.95, up Rs 125.40, or 6.70 percent. It has touched an intraday high of Rs 2,059.80 and an intraday low of Rs 1,946.15.As the country braces to tackle the coronavirus outbreak, Hindustan Unilever on March 20 announced that it is reducing the prices of Lifebuoy sanitizers, Lifebuoy Liquid handwash and Domex floor cleaners by 15 percent. The company said it will donate 2 crore pieces of Lifebuoy soaps in the next few months to ‘the sections of the society which need it the most’.Sanjiv Mehta, Chairman and Managing Director, HUL, said: “In crisis like this Companies have a big role to play. We are working closely with the Governments and our partners to ensure that we overcome this global health crisis together.”Time to show-off your poker skills and win Rs.25 lakhs with no investment. Register Now! First Published on Mar 24, 2020 10:00 am