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Reliance Makes Open Offer To Buy 26% Stake In Lotus Chocolate
Companies will collectively purchase 33.38 lakh shares of Lotus Chocolate on the open market for a fixed price of Rs 115.50 each
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Reliance Consumer Products (RCPL) and Reliance Retail Ventures (RRVL), two Reliance group companies have made an open offer to buy a further 26 per cent share in Lotus Chocolate.
According to a notification released by DAM Capital, the companies will collectively purchase 33.38 lakh shares of Lotus Chocolate on the open market for a fixed price of Rs 115.50 each.
According to a public announcement on the open offer, the offer will total up to a total consideration of Rs 38.56 crore upon full acceptance.
The public announcement stated that the offer opens on 21 February and ends on 6 March
The price at which shares of Lotus Chocolate, which produces chocolates, cocoa goods, and derivatives of cocoa, ended on Thursday was the highest in the previous three months. The FMCG section is RCPL, a wholly-owned subsidiary of RRVL.
The open bid comes after RCPL's statement last week that it would buy 51 per cent of Lotus's paid-up equity share capital from the company's current promoter and promoter group at a cost of Rs 113 per share, totalling Rs 74 crore.
Following that, RCPL announced publicly that it will comply with SEBI Takeover Regulations and purchase a 26 per cent interest in Lotus.