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Shares of Dodla Dairy Ltd on Monday surged 20 per cent after the company acquired Sri Krishna Milks Pvt Ltd for ₹50 crore to expand its business.
The stock jumped 19.23 per cent to ₹548 on the BSE. At the NSE, it zoomed 19.99 per cent to ₹548.45.
Dodla Dairy Ltd on Saturday said it has acquired Karnataka-based Sri Krishna Milks Pvt Ltd for ₹50 crore to expand its business.
In a regulatory filing, Dodla Dairy informed that the company has executed an agreement with Sri Krishna Milks Pvt Ltd for the acquisition of the business as a "going concern" and on a slump purchase basis for consideration of ₹50 crore.
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The deal is expected to be concluded in around two months from the date of the acquisition. The consideration would be in the form of cash.
Krishna Milks Pvt Ltd (SKMPL), incorporated in 1989, was the first private sector dairy company in Karnataka.
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