BIC increases its stake in Cello Pens
| 31 March, 2014
BIC has announced that Cello Group has exercised its Put Option, allowing it to sell 20% of Cello Pens to the BIC Group.
Following the closing of this acquisition (expected by the end of H1) 2014 for an amount of approximately 4 bn INR - 50 million euros, BIC will hold 75% of Cello Pens.
The shareholders agreement of 21 January 2009 provides the shareholders with further future call and put options, according to which BIC's stake could reach up to 90% by 2016
Cello Pens has been fully consolidated since October 2013 within the BIC Group and contributed 18.1 million euros in BIC full year 2013 net sales.
Cello Pens is India's largest manufacturer and distributor of writing instruments with approximately 28% of India domestic pen market and a presence in Africa, Middle-East and Asia.