Reliance group firms make open offer to buy 26% stake in Lotus Chocolate
Two Reliance group firms - Reliance Consumer Products Ltd (RCPL) and Reliance Retail Ventures Ltd (RRVL) - have announced an open offer to acquire a 26 per cent additional stake in Lotus Chocolate.
The firms will together acquire 33.38 lakh shares of Lotus Chocolate from the open market at a fixed price of Rs 115.50 per share, said a notice by DAM Capital, which is managing the offer.
The offer will aggregate to a total consideration of Rs 38.56 crore over the full acceptance, said an open offer-detailed public statement shared by the company with stock exchanges on Thursday.
The open offer starts on February 21 and closes on March 6, said the public notice.
Shares of Lotus Chocolate, which manufactures chocolates, cocoa products and cocoa derivatives, had on Thursday closed at Rs 149.35 apiece, which was the highest price in the last three months.
RCPL is the FMCG arm and a wholly-owned subsidiary of RRVL.
The open offer follows RCPL's announcement last week for the acquisition