Hatsun Agro Product gains on getting nod to acquire 100% stake in Milk Mantra Dairy
Hatsun Agro Product is currently trading at Rs. 961.20, up by 6.20 points or 0.65% from its previous closing of Rs. 955.00 on the BSE.
The scrip opened at Rs. 974.00 and has touched a high and low of Rs. 975.00 and Rs. 957.25 respectively. So far 1910 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1380.00 on 16-Jul-2024 and a 52 week low of Rs. 930.45 on 13-Jan-2025.
Last one week high and low of the scrip stood at Rs. 1120.80 and Rs. 937.05 respectively. The current market cap of the company is Rs. 21420.59 crore.
The promoters holding in the company stood at 73.17%, while Institutions and Non-Institutions held 13.37% and 13.46% respectively.
Hatsun Agro Product (HAP) has received approval from Board of Directors for acquisition of 100% of the issued and paid-up share capital of the Milk Mantra Dairy in compliance with the provisions of the Companies Act, 2013. SEBI Regulations and other Statutory requirements as may be applicable.
In this regard, the company has entered into Share Purchase Agreements (SPA) and other transaction documents / agreements with the existing promoters and shareholders of the target company to acquire 100% of the issued and paid up share capital of the target company.
The completion of this acquisition is contingent upon the fulfillment of various customary conditions precedent in the SPA, and other transaction documents / agreements. Further, upon successful completion of acquisition of 100% of the issued and paid up share capital, the target company will become a Wholly-Owned Subsidiary of the company.
The acquisition is in line with the HAP’s strategic intent of entering into new geographical markets. The business carried on by the Target Company is similar and complimentary to the business carried on by HAP.
This acquisition strengthens HAP’s presence in Odisha and the Eastern India dairy market and underscores its mission of delivering fresh, high quality dairy products to customers. This acquisition is a natural progression of vision to scale company’s impact and innovation across a broader market. The cost of acquisition is Rs 233 crore.
Hatsun Agro Product, India's largest private sector dairy, sells liquid milk under the brand name Arokya, ice creams under the brand Arun Icecreams, and a wide range of dairy products under the brand Hatsun.
