Prataap Snacks Limited to acquire further 10.48% stake in Avadh Snacks Pvt Ltd

The Board of Directors of Prataap Snacks Limited in its meeting held today, i.e. 4th February, 2021, have approved acquisition of further 10.48% of paid-up equity share capital of Avadh Snacks Private Limited (Avadh), the subsidiary, for an aggregate value of Rs. 3,300.01 lakhs.

The aforesaid acquisition is in line with the terms of Share subscription and shareholders agreement and Share purchase agreement executed on 22d August, 2018 for initial acquisition of 80% equity share capital of Avadh.

At present, the Company hold 80% of paid-up equity share capital of Avadh. Post aforesaid acquisition, the holding of the Company in Avadh will increase to 90.48% of paid-up equity share capital.

Avadh Snacks Private Limited (Avadh) is a subsidiary of the Company and engaged in the manufacturing and selling of branded packaged snacks under brand name "Avadh". Avadh has a well diversified and strong product portfolio for namkeens like bhujia, chevda, gathiya, etc. and pellets like wheels, cups, pasta, etc. with strong presence in the state of Gujarat and expanding to neighboring states.

Shares of Prataap Snacks Ltd was last trading in BSE at Rs.734.25 as compared to the previous close of Rs. 713.2. The total number of shares traded during the day was 1875 in over 241 trades.

The stock hit an intraday high of Rs. 760 and intraday low of 719. The net turnover during the day was Rs. 1383155.

Source : Equity Bulls

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