ANI
25 May 2023, 17:33 GMT+10
Mumbai (Maharashtra) [India], May 25 (ANI): Reliance Consumer Products (RCPL), fast-moving consumer goods arm of Reliance Retail Ventures (RRVL), has completed the acquisition of 51 per cent controlling stake in Lotus Chocolate Company for an aggregate consideration of Rs 74 crore.
According to a release from Reliance Retail Ventures on Thursday, RCPL has also subscribed to non-cumulative redeemable preference shares of Lotus for an aggregate consideration of Rs 25 crore.
RCPL has also completed the acquisition of equity shares pursuant to the open offer made under the Securities and Exchange Board of India (SEBI)'s takeover regulations.
RCPL has taken sole control of LOTUS with effect from Wednesday, the release said.
It said Reliance Retail Ventures reported a consolidated turnover of Rs 260,364 crore and a net profit of Rs 9,181 crore for the year ended March 31, 2023.
RRVL is a subsidiary of Reliance Industries Ltd and the holding company of all the retail businesses under the RIL group.
RRVL, through its subsidiaries and affiliates, operates an integrated omni-channel network of 18,040 stores and digital commerce platforms across grocery, consumer electronics, fashion and lifestyle and pharma consumption baskets and has partnered with over three million merchants through its New Commerce initiative, the release said.
Its FMCG subsidiary -- Reliance Consumer Products -- aims to provide a wide range of products under a versatile brand portfolio that serve the daily needs of millions of Indians, it said.
Listed on BSE stock exchange, Lotus is one of India's select manufacturers of the chocolates, cocoa products and cocoa derivatives, the release said.
Reliance Retail had said in December last year that RCPL will acquire 51 pc controlling stake in Lotus Chocolate Company Limited and make an open offer to acquire up to 26 per cent stake.
It had said RCPL will acquire 65,48,935 equity shares of LOTUS representing 51 per cent of the paid-up equity share capital of the company from the current promoter and promoter group of Lotus at a price per share of Rs. 113.00 aggregating to Rs 74 crore.
It also said that RCPL and certain promoter group entities of LOTUS will subscribe to 5,07,93,200 non-cumulative redeemable preference shares of face value of Rs 10 each at par. (ANI)Get a daily dose of Broadcast Communications news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Broadcast Communications.
More InformationNEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...
LONDON, U.K.: A little-known investment fund based in the United Arab Emirates has emerged as the most prominent public backer of U.S....
SAN FRANCISCO, California: Across the U.S., a growing number of people are taking obesity treatment into their own hands — literally....
SAN FRANCISCO, California: Under pressure from European regulators, Apple has revamped its App Store policies in the EU, introducing...
NEW YORK CITY, New York: The U.S. dollar tumbled this week, hitting its lowest levels since 2021 against the euro, British pound, and...
SHARJAH, 7th May, 2025 (WAM) -- The Sharjah Broadcasting Authority (SBA) recently took part in the 76th World News Media Congress,...
Dehradun (Uttarakhand) [India], June 30 (ANI): Uttarakhand Chief Minister Pushkar Singh Dhami on Monday participated in the Space Technology...
BEIJING, June 30 (Xinhua) -- The purchasing managers' index (PMI) for China's non-manufacturing sector came in at 50.5 in June, up...
By Aashique Hussain New Delhi [India], June 28 (ANI): In a new initiative aimed at strengthening grassroots communication and coordination,...
New Delhi [India], June 25 (ANI): As the country marked the 50th anniversary of the Emergency imposed by then Prime Minister Indira...
Noida (Uttar Pradesh) [India], June 25 (ANI): Senior journalist Rajat Sharma, who was jailed for 10 months during the Emergency, recalled...