Agro Tech Foods Ltd share price jumped 15 percent for the day on February 22 after a Moneycontrol report of a proposed stake sale in the company by its US-based parent to private equity firms. Agro Tech stock closed the day at Rs 1,025.65, up 15 percent from the previous close of Rs 892.10.
Earlier today, Moneycontrol reported citing unidentified sources that the US-based packaged foods company Conagra Brands is in talks with private equity firms to sell a controlling stake in its Indian business.
Also read: Conagra in talks to sell controlling stake in India biz Agro Tech Foods
Conagra Brands’ 51.77 percent stake in Agro Tech Foods was worth Rs 1,123 crore at the time of reporting the story. Agro Tech Foods had a market cap of about Rs 2,163 crore at the end of yesterday’s trading, and Rs 2,499 crore at today’s close.
On February 22, Agro Tech Food stock was nearly flat at 11 am since opening at Rs 900. The stock jumped at about 11.25 am, shortly after the Moneycontrol story was published.
Agro Tech Foods, which is listed on Indian stock exchanges, has marquee investors as its shareholders, including Rakesh Jhunjunwala family.
Agro Tech Foods sells consumer products including ready to cook, ready to eat, spreads, breakfast cereals, chocolate confectionery and staples such as edible oils. Their popular brands include Act II popcorn, Sundrop, Popz and Duo.
Conagra increased its ownership of shares in Agro Tech Foods to 51.77 percent in 2011, becoming the majority owner of the Indian foods company.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
