Reliance offers to acquire another 26% stake in Lotus Chocolate
- ByStartupStory | January 6, 2023
Reliance Consumer Products Limited (RCPL) and Reliance Retail Ventures Limited (RRVL) of the Reliance Group have announced an open offer to acquire a 26% additional stake in Lotus Chocolate.
According to a notice issued by DAM Capital, which is managing the offer, the companies will buy 33.38 lakh shares of Lotus Chocolate from the open market at a fixed price of 115.50 per share.
As per an open offer-detailed public statement shared by the company with stock exchanges on Thursday, the offer will total 38.56 crore if fully accepted.
The open offer follows RCPL’s announcement last week that it would acquire 51% of Lotus’ paid-up equity share capital from the current promoter and promoter group for a price of 113 per share, amounting to 74 crore.
Following that, RCPL announced publicly that it would acquire a 26% stake in Lotus in accordance with the SEBI Takeover Regulations.
Lotus Chocolate, which makes chocolates, cocoa products, and cocoa derivatives, closed at 149.35 per share on Thursday. It was the highest share price in the last three months.
Lotus Chocolate Company (LCCL) was found in 1988 by T Sarada and Vijayaraghavan Nambiar. At present it is a subsidiary of Sunshine Allied Investments Singapore.
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