Reliance Client Merchandise Ltd (RPCL), the fast-moving client items arm of Reliance Industries Ltd, will purchase a controlling stake in Lotus Chocolate.
RCPL has entered into an settlement with the promoters of Lotus Chocolate, which manufactures candies, cocoa merchandise, and cocoa derivatives.
As a part of the share buy settlement, RCPL proposes to accumulate 77% of the paid-up share capital of Lotus Chocolate by a “secondary buy” from promoters Prakash Peraje Pai and Ananth Peraje Pai, adopted by an open supply.
“RCPL will purchase 65.48 lakh fairness shares of LOTUS representing 51% of the paid-up fairness share capital of LOTUS from the present promoter and promoter group… at a worth per share of Rs 113.00 aggregating to Rs 74 crore,” mentioned a joint assertion.
“RCPL and sure promoter group entities of LOTUS to subscribe to five.07 crore non-cumulative redeemable choice shares of face worth of Rs 10 every,” the assertion