Prataap Snacks Gets Open Offer For 26% Stake From Authum Investment, Mahi Kela
The acquirers have offered to purchase the shares for Rs 864 apiece along with interest of Rs 1.66 per equity share, which aggregates to Rs 865.66 for each unit.
Prataap Snacks Ltd. on Wednesday said that it has received an offer from Authum Investment & Infrastructure Ltd., along with Ms. Mahi Madhusudan Kela, to acquire a 26% stake in the company for a little over Rs 544 crore.
According to the exchange filing, the company received a letter of offer "issued in relation to the open offer to the public shareholders of the company" from the entities for acquiring 62,98,351 equity shares, representing 26.01% of the voting share capital of the company.
The acquirers have offered to purchase the shares for Rs 864 apiece along with applicable interest of Rs 1.66 per equity share, which aggregates to Rs 865.66 for each unit that they intend to pay in cash, the filing added.
The interest of Rs 1.66 is being paid as directed by SEBI and in keeping with the terms of Regulation 18(11) and Regulation 18(11A) of the SEBI (SAST) Regulations.
This payment is on account of the delay in making payment of the offer price of Rs 864 per equity share for the period of seven days—from Feb. 5, 2025, to Feb. 12, 2025.
The original date by when the public shareholders should have received payment was Feb. 5. However, the acquiring company delayed the payment and the proposed date of payment is now Feb. 12, 2025.
Last year in December, the Competition Commission of India had approved the proposed acquisition of a 72.8% stake in the Indore-based snacks maker by Alpana Sanjay Dangi's Authum Investment & Infrastructure Ltd. and Mahi Madhusudan Kela.
In September, Prataap Snacks’ private equity investor, Peak XV Partners, had exited by selling their 47% stake in the company to the Authum Group and Kela.
Shares of Prataap Snacks Ltd. closed 2.10% higher at Rs 1,175.60 apiece on the BSE, compared to a 0.06% decline in the benchmark Sensex.
