Reliance Consumer Products Ltd (RCPL) and Reliance Retail Ventures Ltd (RRVL)’s revised open offer to Lotus Chocolate shareholders to acquire an additional 26% interest is scheduled to begin today and close on March 31st.
According to report by business linethe Reliance retail companies have offered to purchase 33.38 lakh shares of Lotus Chocolate from the open market €115.50 per share. The company’s shares have fluctuated wildly after Reliance Retail acquired a 51% stake in December last year. With the additional acquisition of 26%, RIL’s total stake in the chocolate maker would be 77%.
It should be noted that the open offer should initially start from February 21st to March 6th €111 to a record high of €480, Lotus Chocolate shares have hit the bottom of the market every day, money control reported. Trading in the stock was frozen on February 20 €303.75 due to the presence of only vendors.
Dinesh Saney, a research analyst at Invest4Edu, told Moneycontrol: “The capital injection from RIL will allow the company to build more manufacturing units to meet this increasing demand. “
Established in 1988, Lotus Chocolate is a B2B (Business to Business) company supplying cocoa products to major chocolate companies such as Vadilal, Cadbury and Britannia. The B2B segment accounts for about 95% of the company’s business, while the other 5% is accounted for by the B2C segment. The company’s turnover was between €55-65 crore over the past seven fiscal years, the report added.
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