Bikaji Foods International shares surged to a 52-week high of Rs 451, rising 4 percent to Rs 444.55 at 9:50 am on July 19, following the company's acquisition of a 49 percent stake in snack maker Bhujialalji.
The acquisition, completed on July 19, involved 9,608 equity shares and 396 Compulsorily Convertible Debentures (CCDs). Bikaji did not mention the price it has paid for buying Bhujialalji
As a result of the acquisition, Bhujialalji Private Limited is now an associate of Bikaji Foods International. Bhujialalji Private Limited reported an annual turnover of Rs 18.08 crore and a net worth of Rs (3.03) crore as of March 31, 2023.
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In addition, on July 10, Bikaji Foods International incorporated a new wholly-owned subsidiary named Bikaji Foods International USA Corp in the state of New Jersey, USA. The subsidiary has an authorized share capital of USD 500,000 divided into 50,000 common stocks of USD 10 each.
During the quarter ended March 2023, Bikaji Foods International recorded a significant increase in net profit, posting a 51.65 percent jump to Rs 37.71 crore compared to Rs 24.87 crore in March 2022. The company's revenue also saw a YoY growth of 15.5 percent, reaching Rs 462.26 crore compared to Rs 400.25 crore.
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