Vadilal Industries' US arm to acquire Krishna Krupa Corporation, USA; Stock tumbles 4%

20 Jun 2022 , 10:53 AM

VADILAL INDUSTRIES USA INC., (VIU) a wholly-owned subsidiary of VADILAL INDUSTRIES Ltd has signed a Stock Purchase Agreement with Krishna Krupa Corporation, USA (KKC) for subscription of shares with voting preferred stock in the capital stock of KKC, which would result in VIU holding up to 100% voting rights in KKC.

Further as per the filing, KKC operates an ice creams parlour in the state of Illinois, USA. Acquisition of KKC provides VADILAL USA with ready platform to understand the parlour business operations in USA. Key learnings from KKC operations will help in preparation of a successful business plan for a nationwide parlour business, the company said.

At around 10:55 AM, Vadilal Industries was trading at Rs1,770.35 per share down by Rs78.4 or 4.24% from its previous closing of Rs1,848.75 per share on the BSE.