Mumbai: Marico Ltd, the owner of Parachute and Saffola brands, said on Monday it will separate its Kaya beauty and wellness chain into a listed company to boost shareholders’ value. The corporate restructuring is subject to shareholder, creditor, lender and other contractual, statutory and regulatory approvals as may be required. The appointed date of the demerger is 1 April. It may take about six months to obtain the necessary approvals and complete all formalities, the company said in a statement. The new company will likely be called Marico Kaya Enterprises Ltd. “This corporate restructuring will lead to enhanced shareholder value through sharper focus and greater energy across both organizations and businesses,” Marico said in the release. The company also announced management changes. Ajay Pahwa, chief executive of Kaya, has decided to leave the organization to pursue an entrepreneurial venture backed by private equity investment. Pahwa will be replaced by Vijay Subramaniam, who currently heads the international fast-moving consumer goods business and has been with the company since 2006. Saugata Gupta, chief executive officer of the domestic consumer business, will now head the entire consumer packaged goods business, being responsible for the international operations as well. Following the demerger, the shareholders of Marico will get one share of Marico Kaya Enterprises with a face value of Rs.10 each to be issued at a premium of Rs.200 per share for every 50 shares of Marico with a face value of Rs.1 each. Marico Kaya will be listed on BSE Ltd and the National Stock Exchange of India Ltd. The new entity will have its own set of directors, distinct from Marico’s board. Harsh Mariwala will continue to be the chairman and managing director of both Marico and Marico Kaya Enterprises.