Stocks

Prataap Snacks rallies nearly 18% on Avadh acquisition plan

BL Internet Desk Aug 23 | Updated on August 23, 2018 Published on August 23, 2018

Shares of Prataap Snacks surged as much as 17.7 per cent to Rs 1,290. The stock posted its biggest intraday percentage gain since its trading debut in October last year.

Prataap Snacks Ltd, known for its Yellow Diamond chips, is set to acquire an 80 per cent stake in Gujarat-based namkeen maker Avadh Snacks Pvt Ltd for ₹148 crore. The purchase involves a combination of primary and secondary investments.

Avadh Snacks’ product range includes bhujia, chevda, fafda and gathiya, and extruded pellets like wheels, cups and pasta. It has a strong presence in Gujarat and is now expanding to Maharashtra and Rajasthan.

Over 200,000 shares changed hands, about 30 times its 30-day average of 6,867 shares. The stock had fallen 12.3 per cent this year, as of last close.

(With inputs from Reuters)

Published on August 23, 2018
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