Lotus Chocolate hits upper circuit as Reliance Retail eyes major stake

Promoter and promoter group hold 72 percent in the company and the counter has a free float market cap of only Rs 44.21 crore

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Share price of Lotus Chocolate Company gained 5 percent on December 30 and hit the upper circuit after Reliance Retail announced that it will acquire a 51 percent majority stake in the company.

Additionally, Reliance Retail will also make an open offer to buy up to 26 percent stake.

Lotus Chocolate Company opened 5 percent higher at Rs 122.95 on the Bombay Stock Exchange. However, was on low trading volumes of 3,591.

Currently, promoter and promoter group hold 72 percent in the company and the counter has a free float market cap of only Rs 44.21 crore.

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As per the share purchase agreement, Reliance Retail will acquire 6.5 lakh equity shares of the confectioner at a price per share of Rs 113 aggregating to Rs 74 crore. The selling shareholders are Ananth P. Pai and Prakash P. Pai.

Following this, RIL will make an open offer to the public shareholders of Lotus to acquire up to 33 lakh equity shares of Lotus representing 26 percent of the equity share capital.

“The investment in Lotus underlines our commitment to further boost indigenously developed daily use high-quality products, to serve a broad customer spectrum at affordable prices,” Isha Ambani, Executive Director of Reliance Retail Ventures Limited, said on this acquisition.

Also Read: RIL gains as investors cheer synergy benefits from Metro India acquisition

In Q2FY23, Lotus Chocolate Company reported net loss of Rs 49 lakh on net sales of Rs 14.63 crore. This was significantly lower than Q2FY22 sales of Rs 20.95 crore and net profit of Rs 1.52 crore.

Incorporated in 1988, Lotus is well known as a business partner for the supply of cocoa and chocolate products. It sources fine quality cocoa beans, processes them and delivers the finest chocolates, as per the company’s website.

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