Continuing its non-stop rally, Lotus Chocolate Company Ltd. shares are touching the upper circuit level of 5% since Dec 23, 2022. is trading at a new record level of 96 295 per share on BSE. The stock has gained momentum following Reliance Retail’s plan to buy stake in the company.
Lotus Chocolate Share multibagger More than 192% return in just one month. Lotus Chocolate Company Limited is a manufacturer of chocolate, cocoa products and cocoa derivatives and its products include cocoa powder, cocoa mass and cocoa butter, which meet industrial and consumer demand.
Reliance Group’s Reliance Consumer Products Limited (RCPL) and Reliance Retail Ventures Limited (RRVL) recently announced an open offer to acquire an additional 26% stake in the chocolate maker. RCPL is the FMCG arm and a wholly owned subsidiary of RRVL, a subsidiary of Mukesh Ambani-led Reliance Industries Ltd (RIL) and the holding company for all retail businesses under the RIL group.
The firms will simultaneously acquire 33.38 lakh (33,38,673) shares of Lotus Chocolate from the open market at an agreed price. 115.5 per share. DAM Capital is managing the open offer which will commence on February 21, 2023 and close on March 6, 2023. Offer will aggregate for total consideration 38.56 crores on full acceptance.
The company had earlier said that the fast moving consumer goods (FMCG) arm of Reliance Retail would acquire 51% stake from Reliance Consumer Promoters. 113 will also subscribe to one share and certain non-cumulative redeemable preference shares and also make an open offer to acquire 26% from the public shareholders of Lotus Chocolate.
Know your inner investor
Do you have guts of steel or are you a victim of insomnia regarding your investments? Let’s define your investment approach.
catch ’em all business News, market news, breaking news events and breaking news Update on Live Mint. download mint news app To get daily market updates.