Anglo-Dutch consumer goods giant Unilever Plc said it has received approval from Sebi for its $5.4 billion-open offer to buy 22.52 per cent stake in its Indian arm--Hindustan Unilever Ltd (HUL).
The company said it has received approval from the market regulator Securities and Exchange Board of India (SEBI) for its voluntary open offer to increase stake in HUL from 52.48 per cent to up to 75 per cent, Unilever Plc said in a statement.
"The tender period will commence on June 21, 2013 and will end on July 4, 2013," it added.
The offer is being managed by HSBC Securities and Capital Markets (India) Pvt Ltd, the company said.
Once complete, the open offer would be one of the biggest deals and fifth largest India in-bound M&A transaction on record till date.
Unilever will pay Rs 600 a share, valuing the open offer at $5.4 billion.
In April, the world's second-largest consumer goods company had announced to acquire 48,70,04,772 shares representing 22.52 per cent of the total voting share capital from the public shareholders of HUL.