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Shares of Vadilal Industries closed 4 percent higher on Thursday as the company’s board approved the purchase of Vadilal brand from its promoter entity, Vadilal International Pvt. Ltd. (VIPL).

In a stock exchange filing the company said that the board at its meeting approved the purchase of the Vadilal brand from VIPL and the transaction is subject to approval by the company’s shareholders. The terms for the proposed purchase and the consideration to be paid are yet to be finalised.

The company’s board also agreed to sell certain non-core assets and business of Vadilal Industries to its promoters, in addition to a contract manufacturing agreement with them.

Once the definitive agreements for the two transactions are executed, the company will inform its shareholders about the details of the consideration payable for the acquisition of the Vadilal brand and sale of the non-core assets, among others.

Vadilal Industries reported net profit of Rs 27.24 crore, up nearly 115 percent compared to Rs 12.7 crore in the year-ago period during the September quarter.

Shares of Vadilal Industries ended 3.6 percent higher at Rs 2,489.