Reliance Retail Ventures Ltd. on Thursday said its arm has completed the acquisition of a 51% controlling stake in Lotus Chocolate, a maker of chocolates, cocoa products and cocoa derivatives.
Its step-down FMCG arm Reliance Consumer Products Ltd. "has taken sole control of Lotus with effect from May 24, 2023," a company statement said.
In December last year, Reliance Retail announced to acquire a controlling stake in Lotus Chocolate.
As part of the share purchase agreement, RCPL had proposed to acquire 77% of the paid-up share capital of Lotus Chocolate through a "secondary purchase" from promoters Prakash Peraje Pai and Ananth Peraje Pai, followed by an open offer.
It has "completed the acquisition of 51% controlling stake in Lotus for an aggregate consideration of Rs 74 crore" from the promoter, Pai family.
Besides, it has also "completed the acquisition of equity shares pursuant to the open offer made under SEBI Takeover Regulations."
The open offer was triggered following RCPL's announcement last week for the acquisition of 51% shares of the paid-up equity share capital of Lotus from the current promoter and promoter group at a price per share of Rs 113, aggregating to Rs 74 crore.
After that, RCPL made a public announcement to acquire an additional 26% of the equity share capital of Lotus in accordance with the SEBI Takeover Regulations.
RRVL is a subsidiary of Mukesh Ambani-led Reliance Industries and the holding company of all the retail businesses under the RIL group.
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