Mumbai: Asia’s richest businessman Mukesh Ambani is continuously increasing his business. Reliance Retail is establishing its dominance in this sector by doing one deal after another. Now the name of another big company has been added to Ambani’s portfolio. Reliance Consumer Products Limited has bought 51% shares of Lotus Chocolate, a chocolate maker.
74 crore transaction
According to reports, Reliance Consumer Products has acquired a majority stake in Lotus Chocolate Company for Rs 74 crore. In this deal, RCPL has acquired control of the company by paying Rs 25 crore for non-cumulative redeemable preference shares of Lotus Chocolate. Reliance officially took over the reins of the company from May 24. The acquisition of shares under the open offer has been completed.
The agreement was signed on 29 December 2022
RCPL made a public announcement to acquire an additional 26% of the equity share capital of Lotus in accordance with market regulator SEBI’s takeover regulations. RRVL is a subsidiary of Mukesh Ambani-led Reliance Industries and is the holding company for all retail businesses under the RIL group. The agreement between Reliance and Lotus was announced last year on December 29, 2022.
read this also
Lotus started in 1988
Prakash P Pai, Anant P Pai and other members of Lotus Promoter Group have signed the agreement for Reliance Consumer Products Limited, Lotus Chocolate Company Limited. When the deal was initiated in December, the price was fixed at Rs 113 per share and the process was completed at this rate. Interestingly, the chocolate company Lotus was founded in 1988. It supplies coca and chocolate products. The news of completion of Mukesh Ambani’s deal with Reliance saw a boom in the shares of the chocolate company. Shares of Lotus Chocolate Company Ltd closed 1.82 per cent higher at Rs 148 in late trade on Thursday. Earlier, when the deal was announced, there was a strong rise in the company’s shares and its shares were in the upper circuit for 16 consecutive days. Lotus Chocolate Company has earned a net profit of Rs 6 crore for the year ending March 2022. The company has made sales of Rs 87 crore.
Leave a Reply