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Emami’s subsidiary invests US $5.65 lakh for 7.54 pc stake in US firm

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FMCG major ’s subsidiary has invested US $5.65 lakh (approx Rs 3.80 crore) in the US-based organic personal care firm .

Emami's subsidiary invests US .65 lakh for 7.54 pc stake in US firm
Emami said an investment agreement with the investee company and its existing shareholders has been executed

“Emami International FZE, a wholly owned subsidiary of the company based at Dubai, has made an investment in Loli Beauty Inc., Delaware USA, by subscribing to 12,28,261 series seed prime preferred stock (SSPPS) which will result in stake of 7.54 per cent in the company,” Emami said in a regulatory filing.

According to a PTI report: Emami said an investment agreement with the investee company and its existing shareholders has been executed.

Cost of acquisition is US $5,65,000, it added.

Loli Beauty INC deals in natural and organic personal care product with BIY (Blend-It- Yourself) concept.