Home-grown FMCG company Emami Ltd has acquired a majority stake in Brillare Sciences for an undisclosed sum.
Emami’s acquisition came post conversion of compulsorily convertible preference shares (CCPS) into equity shares. Post the conversion, the Kolkata-based entity saw its shareholding increase to 57.36 per cent, from the previous 34.70 per cent.
Brillare, incorporated in 2015, had a previous strategic investment by Emami. It is into professional beauty care with offerings targeting both salon and home use. It operates two brands, Brillare Science and Root Deep. The company reported a turnover of ₹9.76 crore in FY21.
Also read: Emami eyes double digit growth in turnover this fiscal
Emami in a stock market notification said, the cost of conversion has “not been disclosed due to reasons of confidentiality”.
“... the said CCPS has now been converted into equity shares, consequently the shareholding of the company has been increased from 34.70 per cent to 57.36 per cent. In view of the above holding, Billare Science has become a subsidiary company of Emami Ltd,” it said in the regulatory filing.
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