Indian consumer goods maker Marico plans to sell a 4.56 per cent stake in the company to two foreign investors for up to Rs500 crores to fund acquisition of the personal care business of Paras from Reckitt Benckiser.

One of the firms is Indivest, an affiliate of Government of Singapore Investment Corporation (GIC).

Marico is seeking shareholders' approval for the preferential allotment of shares to the two investors.

If approval is granted, the company will allot Indivest 22,058,823 shares valued at Rs375 crores and Baring India Private Equity Fund, the other investor, would be allotted 7,352,941 shares worth Rs125 crores.

Marico will hold an EGM on May 2 to seek the shareholders' approval.