Prataap Snacks’ board has approved acquisition of further 10.48% of paid-up equity share capital of Avadh Snacks (Avadh), the subsidiary, for an aggregate value of Rs 3,300.01 lakh.
The aforesaid acquisition is in line with the terms of Share subscription and shareholders agreement and Share purchase agreement executed on August 22, 2018 for initial acquisition of 80% equity share capital of Avadh. At present, the company hold 80% of paid-up equity share capital of Avadh. Post aforesaid acquisition, the holding of the Company in Avadh will increase to 90.48% of paid-up equity share capital. The Board of Directors of the company in its meeting held on February 4, 2021, have approved the same.
Prataap Snacks is Indore-based Indian Snack Food Company. It sells products under the brand name ‘Yellow Diamond’. The company is among the top 6 Indian organized snack market. It has a diversified product portfolio including traditional and western snacks.
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