Lotus Chocolate hits 5% upper limit as Reliance eyes majority stake

Reliance Consumer Products will acquire 51 per cent controlling stake in Lotus for Rs 74 crore and also make an open offer to acquire additional 26 per cent stake.

Shares of Lotus Chocolate Company (Lotus) were frozen at the 5 per cent upper circuit at Rs 122.95 on the BSE in Friday's intra-day trades after Reliance Consumer Products (RCPL), a wholly-owned subsidiary of Reliance Retail Ventures made an open offer to acquire 3.34 million shares or 26 per cent stake in the company at price of Rs 115.50 per share.

Till 09:55 AM; around 3,553 equity shares changed hands and there were pending buy orders for 1.13 million shares on the BSE, the exchange data shows.

Lotus Chocolate Company has total 12.84 million outstanding shares as on