Reliance Consumer Products Ltd (RCPL) and Reliance Retail Ventures Ltd (RRVL), two Reliance group companies, have made an open offer to buy a further 26% share in Lotus Chocolate. According to a notification from DAM Capital, the offer’s manager, the companies will collectively purchase 33.38 lakh shares of Lotus Chocolate from the open market at a fixed price of Rs 115.50 per share.
According to an open offer-detailed public statement the business issued with stock markets on Thursday, the offer will total up to a total value of Rs 38.56 crore over the complete acceptance. The open offer starts on February 21 and closes on March 6, said the public notice.
On Thursday, shares of Lotus Chocolate, a company that produces chocolates, cocoa products, and derivatives of cocoa, closed at Rs 149.35 a share, the highest price in the previous three months. The FMCG division of RRVL is called RCPL, a fully owned subsidiary.The open bid comes in response to RCPL’s declaration last week that it will buy out Lotus’ current promoter and promoter group for a price of Rs 113 per share, or Rs 74 crore, in exchange for a 51% ownership of the company’s paid-up equity share capital. Following that, RCPL announced publicly that it will comply with SEBI Takeover Regulations and purchase a 26% interest in Lotus. The holding company for all the retail companies under the RIL group is RRVL, a division of Mukesh Ambani-led Reliance Industries.
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