Hindustan Food’s board approves acquisition of 40% stake in ATC Beverages; stock gains 1%

The acquisition will be done in one tranche through the execution of a share purchase agreement.

Jan 25, 2019 05:01 IST India Infoline News Service

Hindustan Food’s board approved a proposal for the acquisition of 40% stake in ATC Beverages. Reacting to this, shares of the company gained 1% on Friday.

Accordingly, the acquisition will be done in one tranche through the execution of the Share Purchase Agreement. The transaction is expected to be completed by end of February 2019.

Further,  the company’s board has approved the appointment of Neeraj Chandra, as an additional director (Independent Director) on the board of directors with effect from Jan 25 to hold the office up to the date of ensuing Annual General Meeting.

Hindustan Foods Ltd's share price is currently at Rs354.80, up by Rs4.7 or 1.34%, from its previous closing of Rs350.10 on the BSE.
The scrip opened at Rs350.15 and has touched a high and low of Rs354.95 and Rs350.15, respectively. So far, 673 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs472.37cr.

Related Story