Indian consumer products maker Marico Ltd said on Saturday it plans to raise Rs5 billion ($97.8 million) from the sale of 29.41 million shares to two private equity investors at Rs170 each.

On Tuesday, Business Standard reported Marico plans to raise 5 billion rupees to fund its latest acquisition.

In February, it bought the personal care business of privately held Indian company Paras Pharmaceuticals from UK consumer goods group Reckitt Benckiser.

Kotak Mahindra Capital Company and Citigroup are advising Marico on the share sale, which has yet to win shareholder approval.

Indivest Private Limited plans to buy 22.06 million of the shares and Baring India Private Equity Fund III Listed Investments 7.35 million, Marico said in a filing.-Reuters