Lotus Chocolate Shares Rise 5% After Reliance Retail's Majority Stake Buy News
NDTV
Shares of Lotus Chocolate Co rose 5 per cent on Friday, a day after a unit of Reliance Retail Ventures agreed to buy a majority stake.
Shares of Lotus Chocolate Co rose 5 per cent on Friday, a day after a unit of Reliance Retail Ventures agreed to buy a majority stake in the Indian chocolate maker for 740 million rupees ($8.94 million).
Reliance Consumer Products Limited (RCPL), the fast-moving consumer goods arm of Reliance Retail, will acquire a 51 per cent stake from promoters at Rs 113 a share and will also subscribe to some non-noncumulative redeemable preference shares.
RCPL would also make an open offer to acquire 26 per cent from public shareholders of Lotus.
The per-share value represents a discount of 3.5 per cent to Thursday's closing price of Rs 117.10.
