SALIC acquires stake in Daawat Foods Limited through its Subsidiary United Farmers Investment Company

SALIC (Saudi Agricultural & Livestock Investment Company) acquires stake in Daawat Foods Limited (Subsidiary of LT Foods) through its subsidiary United Farmers Investment Company.

The transaction in DFL entails acquisition of 29.81% stake of India Agri Business Fund, sponsored by Rabobank and 0.1% stake of REAL Trust, by United Farmers Investment Company, subsidiary of SALIC for an amount of $ 17.23 million. There shall be no impact on the shareholding of LT Foods Limited, as the transaction has been carried out in its subsidiary company. Further, there is no change in stake owned by LT Foods Limited in its majority owned subsidiary DFL. LT Foods shall continue to hold the balance stake of 70.09%.

Speaking on the occasion, Mr. Ashwani Kumar Arora (Managing Director & CEO), LT Foods Limited said, "It gives us lot of satisfaction to provide a rewarding exit to the Rabo Fund which has been a partner with us for close to 10 years and have added to our growth with its immense knowledge of this sector. It is also a matter of pride for us that this exit by them brings us a new strategic partner. Partnership with SALIC will help us to open up and create new opportunities for business in the Middle East besides strengthening our presence there. We also feel that this partnership shall help SALIC strengthen and make supply chain more efficient to and in the region."

Shares of LT FOODS LTD. was last trading in BSE at Rs.20.7 as compared to the previous close of Rs. 20.5. The total number of shares traded during the day was 50472 in over 256 trades.

The stock hit an intraday high of Rs. 21.15 and intraday low of 20.05. The net turnover during the day was Rs. 1052585.

Source : Equity Bulls

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