Colgate Palmolive (India), on Monday, said its board had approved the selling of a division to Colgate Global Business Services (CGBSPL) for Rs.59.89 crore.

The board has agreed to sell the company’s division, Global Shared Services Organisation, to CGBSPL, which is a 100 per cent subsidiary of holding company, Colgate Palmolive Company, U.S. (CP-USA), by way of a slump sale for Rs.59.89 crore, effective June 1, 2013, Colgate Palmolive said in a filing to the BSE.

“The above consideration has been arrived at on the basis of independent valuation conducted by Ernst & Young Pvt. Ltd., to be suitably adjusted at the time of actual transfer,” it added.

The sale will include transfer of all employees, assets, and liabilities, the company said.

Third interim

In a separate filing to the BSE, the company said its board had approved a third interim dividend of Rs.9 per share of Re.1 for the financial year ending March 31, 2013.

Colgate Palmolive (India) share closed at Rs.1,281.20 on the BSE, down 2.15 per cent from its previous close.

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