Unilever Divests Its Holding In Rossell Industries Limited
04-05-2005 :
Simultaneously Lipton India Exports Limited (LIEL), a 100% subsidiary of Hindustan Lever Limited (HLL), also disposed of 61,85,642 equity shares of Rs. 10/- each held by it in favour of the said company.
Unilever Overseas Holdings BV and Lipton India Exports Limited constituted a little over 97.5% of the issued and subscribed capital of Rossell Industries Limited and approximately 2.5% is held by certain local shareholders.
The interests of the employees will be fully protected as they continue to remain employees of RIL on the existing terms and conditions. It may be recalled that RIL had come into Unilever fold in November 1999 as a result of acquisition of non-resident interests of Jokai Tea Holdings Limited and Lipton India Exports Limited taking over the shareholding from Y.K. Modi Group. This was followed by open tender offer under the SEBI Takeover Guidelines.
With the conclusion of this transaction, MK Shah Exports Limited will now assume control of Rossell Industries Limited, and Rossell Industries Limited will cease to be subsidiary of Lipton India Exports Limited and consequently of HLL.
In view of the significant losses built up over the years the transfer consideration is nominal and therefore not 'material' in the context of HLL.
