Amrit Banaspati spurts on Bunge acquiring its edible oils and fats business

22 Dec 2011

Amrit Banaspati is currently trading at Rs. 255.00, up by 11.55 points or 4.74% from its previous closing of Rs. 243.45 on the BSE.

The scrip opened at Rs. 267.75 and has touched a high and low of Rs. 267.75 and Rs. 240.00 respectively.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 283.95 on 14-Oct-2011 and a 52 week low of Rs. 108.00 on 07-Jan-2011.

Last one week high and low of the scrip stood at Rs. 267.75 and Rs. 220.00 respectively. The current market cap of the company is Rs. 179.25 crore.

The promoters holding in the company stood at 74.23% while Institutions and Non-Institutions held 0.01% and 25.76% respectively. 

Bunge India, a wholly owned subsidiary of Bunge has entered into definitive agreements with Amrit Banaspati and Amrit Corp. to acquire the edible oils and fats business of Amrit Banaspati. The acquisition will include Amrit Banaspati’s manufacturing facility at Rajpura in the state of Punjab, rights to its brands and trademarks, its sales and distribution business and the transfer of employees pertaining to its edible oils and fats business to Bunge India.

Bunge India would also acquire rights to GAGAN, the vanaspati brand held by Amrit Corp which is currently licensed to Amrit Banaspati. The transaction, which is subject to approval by shareholders of Amrit Banaspati and Amrit Corp, has been unanimously approved and recommended by the boards of directors of both the companies. The transaction is also subject to regulatory approvals and other customary closing conditions.

The board of directors has approved Bunge’s offer and will also recommend an appropriate dividend to shareholders from proceeds of the sale. Bunge is a respected name in both the Indian and global markets.

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