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Lotus Chocolate Company: Reliance Retail Ventures Limited, a company of Reliance Industries owner Mukesh Ambani, has bought a 51 per cent stake in Lotus Chocolate Company. A subsidiary of Reliance Retail Ventures Limited gave this information on Thursday. FMCG firm Reliance Consumer Products Limited has spent Rs 74 crore for more than half its stake.
This subsidiary of Reliance Retail Ventures Limited has bought the company for Rs 74 crore from the current promoters of Lotus Chocolate Company and Prakash P Pai, Anant P Pai and other members of the promoter group. Reliance Retail in its filing said that RCPL will acquire 65,48,935 equity shares of LOTUS, representing 51% of the paid-up equity share capital of LOTUS, from the existing promoters and promoter group of LOTUS. This company of Reliance has bought stake at Rs 113 per share.
26 percent open offer
The company has also announced an open offer of 26 per cent to the public shareholders of Lotus. “RCPL will make a public announcement to the public shareholders of Lotus to acquire up to 33,38,673 equity shares of Lotus, which will constitute 26 per cent of the equity share capital of Lotus,” the filing said.
Isha Ambani said excited to work with Lotus
It has been said in the filing that this deal will play a big role in the development and expansion of Lotus Company. Along with this, it will also help in making cocoa, chocolate derivatives and other products. Isha Ambani, Executive Director of Reliance Retail Ventures Limited, said that Reliance is excited to deal with Lotus.
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Lotus expanded business rapidly
He said Lotus has grown its business rapidly and has established a strong cocoa and chocolate derivatives business. Isha Ambani said that this deal will further increase the quality of the company’s products. We look forward to working with Lotus’ highly experienced management team.
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