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Stock Report
Britannia Industries enters into JV agreement with Bel SA, France
Posted On : 2022-11-29 19:13:17( TIMEZONE : IST )
Britannia Industries Limited ('Britannia') has entered into a Joint Venture Agreement ('JVA') with Bel SA, France ('Bel') and Britannia Dairy Private Limited ('BDPL') on 29th November 2022 to undertake the development, manufacturing, marketing, distribution, trading and selling, etc., of cheese products in India and certain other countries ('Territory'). As a part of the JVA, Britannia shall sell and transfer 49% of its equity stake in its wholly owned subsidiary, BDPL, to Bel in accordance with the terms of the Share Purchase Agreement entered between Britannia and Bel, on 29th November 2022 ("SPA").
Consequently, Bel shall become the legal and beneficial owner of 49% (forty nine percent) of the entire issued, subscribed and paid-up equity share capital of BDPL and the balance 51% (fifty one percent) shall continue to be held by Britannia. BDPL will become a Joint Venture Company ('JV Company') of Britannia and Bel in India which will carry out/undertake the cheese business in the Territory. Further, as a part of the JVA, BDPL will allot equity shares to Britannia and Bel, in accordance with the terms of the Share Subscription Agreement entered between Britannia, Bel and BDPL, on 29th November 2022 ("SSA").
Bel, a Société Anonyme, (S.A.), a French public limited company, having its registered office at 2 Allée de Longchamp - 92150, Suresnes, France will be acquiring the legal and beneficial ownership of forty nine percent (49%) of the entire issued, subscribed and paid-up equity share capital of BDPL.
BDPL is engaged in the business of development, manufacturing, marketing, trading, distribution and selling of dairy products in the Territory.
Shares of Britannia Industries Limited was last trading in BSE at Rs. 4282.85 as compared to the previous close of Rs. 4212.15. The total number of shares traded during the day was 10403 in over 1782 trades.
The stock hit an intraday high of Rs. 4300.80 and intraday low of 4224.30. The net turnover during the day was Rs. 44445025.00.
