Dodla Dairy to acquire Sri Krishna Milks, shares rise 16%
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Shares of Dodla Dairy surged sharply on Monday after the dairy company announced that it acquired dairy products company Sri Krishna Milks for a cash consideration of Rs 50 crore.
Sri Krishna Milks is mainly into procuring milk, and manufacturing, and selling dairy products.
After rising almost 19 per cent in early trade, the shares pared some of the gains to settle at Rs 530, up 15.96 per cent from Thursday's closing. Stock markets were shut on Friday on account of Holi.
The objective behind the acquisition is to expand the business of the company, it said in the regulatory filing to the exchanges.
On an indicative time period that may be needed for the completion of the acquisition process, the filing said it would take around two months from the date of the acquisition.
