Jubilant Foodworks completes acquisition of 29.42% stake in Roadcast; stock rises

27 Sep 2022 , 10:08 AM

Jubilant Foodworks Limited informed that it has completed the acquisition of a 29.42% stake in Roadcast Tech Solutions Pvt. Ltd. on September 26, 2022.

This is in continuation of Jubilant Food’s announcement on July 28, 2022, for the acquisition of a 40% stake in Roadcast Tech.

The company further stated that the acquisition of the remaining 10.58% stake is likely to be completed by October 26, 2022, as agreed with the Roadcast.

On a fully diluted basis, obtaining a 40% interest in Roadcast is valued at Rs40 crore.

Roadcast Tech provides a logistics platform for last-mile delivery operations management. The delivery automation SaaS platform from Roadcast allows clients to monitor their fleet and staff in real-time.

This transaction demonstrates the company’s intention to make strategic investments in potential start-ups and developing businesses, and it is consistent with the Company’s stated aim of establishing a multi-brand, multi-country food business powered by technology, said Jubilant on July 28, 2022.

At around 10.10 AM, Jubilant Foodworks was trading at Rs604.55 up by 0.37% from its previous closing of Rs602.35 on the BSE. The scrip opened at Rs606.55 and touched intraday high and low of Rs615 and Rs600.75 respectively.

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