Financial Daily from THE HINDU group of publications
Friday, Aug 29, 2003
Financial Daily from THE HINDU group of publications Friday, Aug 29, 2003 |
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Corporate
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Mergers & Acquisitions Singapore co sells holding in Lotus Chocolate C.R. Sukumar
Hyderabad , Aug. 28 NETWORK Foods International Ltd (NFIL), the Singapore-based company that currently holds 42.21 per cent equity stake in the Hyderabad-based Lotus Chocolate Company Ltd (LCCL), has decided to sell the stake in favour of two individual acquirers - Mr Alapati Ramakrishna and Mr Devabhuktuni Durga Prasad. The Singapore firm has also decided to sell its entire holding in LCCL's preference share capital - 73.96 lakh preference shares - amounting to 100 per cent. The acquirers have informed the stock exchanges evening that they have entered into a sale and purchase agreement with NFIL on Saturday to purchase 54.18 lakh equity shares of Lotus Chocolate held by the Singapore Company. Following this, the acquirers now propose to make an open offer to the LCCL shareholders to purchase 25.68 lakh equity shares, representing 20 per cent of the company's equity, in terms of the SEBI takeover code.At present, LCCL has a paid-up equity of Rs 20.23 crore . The ailing chocolate manufacturer reported a net loss of Rs 1.51 crore on a turnover of Rs 7.3 crore during the year ended December 2002. In the previous year, it suffered a net loss of Rs 6.33 crore on a turnover of Rs 10.57 crore.
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