Shares of Jubilant Industries surged 10 per cent today after Aditya Birla Retail Ltd (ABRL) acquired the company's hypermarket business in a slump sale all cash deal.
The stock jumped 10 per cent to Rs 163.90 -- its 52-week high on the BSE.
At the NSE, it rose sharply by 8.1 per cent to settle at Rs 164.75. During the day, it surged 9.97 per cent to touch its one-year peak of Rs 167.60.
In yet another consolidation exercise in the domestic retail sector, Aditya Birla Retail Ltd (ABRL) today acquired Jubilant Industries' hypermarket business in a slump sale all cash deal.
The deal amount was not specified.
This is the third consolidation announcement in the retail sector within a fortnight. Earlier this month, Aditya Birla Group merged its apparel businesses into a Rs 5,290 crore entity named Aditya Birla Fashion and Retail.
A day after Aditya Birla's merger announcement, Kishore Biyani-led Future Group said it will take control of Bharti Retail in a multi-tier all-stock deal worth Rs 750 crore to create a Rs 15,000-crore behemoth.
In a BSE filing, Jubilant Industries said Aditya Birla will acquire "four hypermarket stores in Bengaluru, India, along with certain specified assets and liabilities, including dedicated employees, contracts, licences, permits, consents and approvals related to Jubilant Agri and Consumer Products Ltd, a wholly-owned subsidiary of Jubilant Industries".
