The Competition Commission of India on Tuesday approved the proposed acquisition of a 72.8% stake in Prataap Snacks Ltd. by Alpana Sanjay Dangi's Authum Investment & Infrastructure Ltd. and Mahi Madhusudan Kela.
"CCI approves the proposed combination involving acquisition of 72.8% voting share capital in Prataap Snacks Limited by Authum Investment & Infrastructure Limited and Ms. Mahi Madhusudan Kela," the antitrust watchdog said in a post on X.
Alpana Dangi is the wife of well-known investor Sanjay Dangi, and Mahin Madhusudan Kela is the wife of Madhusudan Kela.
In September, the company's private equity investor, Peak XV Partners (formerly Sequoia Capital), exited their 47% stake by selling shares to Authum Group and Kela.
The two entities also launched an open offer to purchase up to 62.98 lakh fully paid-up equity shares, each with a face value of Rs 5, from the company’s public shareholders. This represents 26.38% equity in Prataap Snacks, the owner of snack brand Diamond.
For mergers and acquisitions, approval from CCI is required.
Prataap Snacks stock closed 3.28% higher at Rs 1,134.7 apiece, compared to a flat benchmark Nifty 50. The CCI approval came after market hours. The stock has risen nearly 2% this year.
Of the two analysts tracking Prataap Snacks, one has a 'buy' rating on the stock, and the other recommends a 'hold,' according to Bloomberg data. The average of 12-month analysts' price target of Rs 1,030.5 implies a potential downside of 9.4%.
RECOMMENDED FOR YOU
KRN Heat Exchanger To Invest Rs 600 Crore In Rajasthan Over Four Years
Jul 02, 2025
SKF India Lines Up Investment Of Up To Rs 1,460 Crore By 2030
Jun 30, 2025
World In 'Forever War' Like Zone; Market May Be Impacted If Oil Supplies Get Hit, Says Maneesh Dangi
Jun 22, 2025
Case For Rate Cuts Beyond 50 Basis Points By RBI Has Faded: Macro Mosaic Investing's Maneesh Dangi
Jun 05, 2025
POPULAR