Reliance Retail becomes Lotus Chocolate today, Reliance completes the deal with 51 percent stake

Reliance Retail Ventures Limited (RRVL) today said that Reliance Consumer Products Limited (RCPL) has completed the acquisition of Lotus Chocolate. Lotus Chocolate manufactures cocoa products and chocolates in which RCPL has taken a controlling stake of 51 percent.
Let us tell you that in December last year, Reliance Retail had announced to acquisition a controlling stake in Lotus Chocolate. As part of the share purchase agreement, RCPL had proposed to acquire 77 percent of the paid-up share capital of Lotus Chocolates from Prakash Peraje Pai and Anant Peraje Pai, promoters of Lotus Chocolates, through a "secondary purchase", following which an Open offer was made.
After proposing to acquire 77 percent, the deal between Reliance and Lotus promoters for a 51 percent stake was completed for Rs 74 crore. In addition, Reliance has also completed the acquisition of equity shares as per the open offer made under the SEBI Takeover Regulations.
Reliance's open offer was triggered last week after RCPL announced an offer to acquire 51 percent of the paid-up equity share capital of Lotus from the existing promoter and promoter group at a price of Rs 113 per share for a total of Rs 74 crore.
Subsequently, RCPL made a public announcement to acquire an additional 26 percent of the equity share capital of Lotus in accordance with SEBI Takeover Regulations. RRVL is a subsidiary of Mukesh Ambani-led Reliance Industries and the holding company for all retail businesses under the RIL group.
Isha Ambani, executive director of Reliance Retail Ventures Ltd, after announcing the acquisition of Lotus last year, said that the investment in Lotus underlines the company's commitment to promoting the production of high-quality, locally developed daily use products. that can provide cheap things for all kinds of customers at affordable prices.