LT Foods enter into agreement with United Farmers Investment; stock up 3%

The Existing Shareholders currently holds 29.91% of the voting equity shareholding in DFL, which on completion of the proposed transaction, shall stall transferred to the Investor (Transaction), the company said.

Feb 13, 2020 09:02 IST India Infoline News Service

LT Foods
LT Foods on Thursday said that it has entered into a shareholder’s agreement with United Farmers Investment Company in connection with a proposed acquisition of the stake currently held by India Agri Business Fund Ltd and Real Trust by the Investor in Daawat Foods.

The Existing Shareholders currently holds 29.91% of the voting equity shareholding in DFL, which on completion of the proposed transaction, shall stall transferred to the Investor (“Transaction”).

The Existing Shareholders will be exiting DFL pursuant to the share purchase agreement executed amongst the Sellers, DFL and the Investor (“SPA”). The Company’s shareholding in DFL will not undergo any change pursuant to the Transaction.  

The board of directors of DFL shall consist of 10 directors, of which - the Investor is entitled to nominate two directors. The remaining directors shall be appointed by the Company in accordance with applicable law and the provisions of the SHA, it added. 

L T Foods Ltd is currently trading at Rs29.15, up by Rs0.85 or 3% from its previous closing of Rs28.30 on the BSE.

The scrip opened at Rs28.55 and has touched a high and low of Rs30.70 and Rs27.25 respectively.

Related Story