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Share price of Prataap Snacks surged 20 percent intraday Thursday as company approved strategic investment in Avadh Snacks.
The company board at its meeting held on August 22, approved strategic investment in Avadh Snacks by acquisition of 76.88% of the share capital of the Avadh Snacks from its existing shareholders.
Also, company will do subsequent equity investment of upto 3.12% of the share capital of the Avadh Snacks, post completion of above acquisition.
Pursuant to the above transaction, the company will also indirectly acquire control of Red Rotopack, which is a wholly owned subsidiary of Avadh Snacks.
The company has entered into a share purchase agreement and shareholders' agreement for the said transaction.
The 9th annual general meeting (AGM) is scheduled to held on September 28, 2018.
At 10:17 hrs Prataap Snacks was quoting at Rs 1,214, up Rs 140.50, or 13.09 percent on the BSE.
Posted by Rakesh Patil
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