Reliance Retail’s FMCG arm, Reliance Consumer Products Limited, acquires 51% stake in Lotus Chocolate
Reliance Consumer Products Limited, a wholly-owned subsidiary of Reliance Retail Ventures Limited, has acquired 51% of Lotus Chocolate Company for ₹74 crores from Prakash P Pai, Ananth P Pai, and other members of the company's current promoter and promoter group. It has also announced an open offer for 26% of Lotus's public shareholders.
"RCPL will acquire 65,48,935 equity shares of LOTUS, representing 51% of LOTUS's paid-up equity share capital, from the current promoter and promoter group for Rs. 113.00 per share, amounting to Rs. 74 crores. In accordance with the SEBI Takeover Regulations, RCPL would also make a Public Announcement to the public shareholders of LOTUS to acquire up to 33,38,673 equity shares of LOTUS, representing 26.00% of LOTUS's equity share capital." said Reliance Retail in its regulatory filing.