Reliance Consumer Products Ltd (RCPL) and Reliance Retail Ventures Ltd (RRVL) plan to acquire a 26 per cent additional stake in Lotus Chocolate through an open offer.
The companies have offered to acquire 33.38 lakh shares of Lotus Chocolate from the open market at a fixed price of ₹115.50 per share. The offer will aggregate to a total consideration of ₹38.56 crore over the full acceptance. The open offer starts on February 21 and closes March 6.
Shares of Lotus Chocolate, which manufactures chocolates, cocoa products and cocoa derivatives, closed at ₹156.80 at close on Friday on the BSE.
In December, Reliance Consumer Products Ltd, the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures Ltd, has acquired 51 per cent stake in Lotus Chocolate Company Ltd at a price per share of ₹113.00 aggregating to ₹74 crore.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.