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The board of directors of Jyothy Laboratories has approved the merger of subsidiary Jyothy Consumer Products Marketing (JCPM) with itself. In a notification to the stock exchanges, Jyothy Laboratories said JCPM is engaged in manufacturing and trading of detergents, soaps, and other cleaning products. As on March 31, the wholly-owned subsidiary’s turnover was ₹71.50 crore. No cash consideration or issue of new shares was involved in the merger, the company said. Shares of Jyothy Laboratories closed down 3 per cent at ₹298.35 on the NSE.
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