In a strategic decision, Dabur India Ltd on Thursday decided to sell its entire stake in its French cheese-making joint venture, Dabon International Pvt. and transfer 79.96 per cent stake Dabur Nepal Pvt Ltd and 100 per cent stake in Dabur Overseas Ltd to Dabur International Ltd.
In a communique to the Bombay Stock Exchange, the New Delhi-based company said he board of directors took this decision aimed at better control over subsidiaries.
The board approved the transfer of 6,38,520 equity shares of Nepalese Rs 100 each in Dabur Nepal Pvt Ltd (constituting 79.96 per cent) and 50,000 equity shares of $10 each in Dabur Overseas Ltd (constituting 100 per cent stake) to Dabur International Ltd, a wholly owned subsidiary, it said.
It said the resolution is effective from June 30, 2005. On completion of aforesaid transfer Dabur Nepal Pvt Ltd and Dabur Overseas Ltd would have the status of step down subsidiaries of the company, it added.
It further said the board also decided to divest the entire stake of 1,35,00,000 equity shares of Rs 10 each held by it in Dabon International Pvt Ltd, a joint venture with Bongrain of France for the manufacturing of cheese and other products.