Bikaji Foods Board to Consider Acquisition of Stake in Ariba Foods

13 Aug 2024 , 12:57 PM

Today, Bikaji Foods International Limited said its board will meet on August 23 to consider a proposal to acquire a stake in Ariba Foods Private Limited.

In a regulatory filing, Bikaji Foods announced that a meeting of its Board of Directors will be held on Friday, August 23, 2024, to discuss and approve the acquisition of a stake in Ariba Foods Private Limited, a company involved in the manufacturing and sale of frozen food products.

Previously, in July 2023, Bikaji Foods acquired a 49% stake in Bhujialalji Pvt Ltd, an ethnic snacks company, along with 396 Compulsorily Convertible Debentures (CCDs). The acquisition involved 9,608 equity shares and 396 CCDs, valued at ₹5,100 per security, totaling ₹5.10 crore. The face value of each equity share was ₹10.

In July this year, the company reported its Q1 earnings, showing a 40.2% increase in consolidated net profit, which rose to ₹58.06 crore compared to ₹41.41 crore in the same quarter of the previous financial year. Additionally, revenue from operations grew by 15.24%, reaching ₹555.12 crore in the June quarter.

 

Ujjain-based Ariba Foods manufactures and sells frozen food.

Bikaji Foods shares were trading 0.2% higher at ₹863.40 on the National Stock Exchange.