Marico has executed amendment agreements to the shareholders agreement and the share subscription agreement with Revolutionary Fitness (Revofit) for further infusion in the equity share capital of Revofit such that it will eventually hold upto 37% of the post-acquisition paid-up share capital of Revofit. The company will explore the hybrid physical-digital business model and offer an integrated fitness solutions so as to deliver, a healthy lifestyle to its consumers.
The company holds 22.46% in Revofit which makes it an associate of the company and thus a related party. The subscription to the equity shares of Revofit will be done at a mutually agreed pre-money enterprise valuation and the transaction is on an arms’ length basis.
Marico is one of India’s leading Consumer Products Group, in the global beauty and wellness space. Its products are sold in India and about 25 other countries in Asia and Africa.