LT Foods said that it has acquired 17.5% stake in its subsidiary, Nature Bio-Foods (NBFL) from India Agri Business Fund II for total consideration of Rs 110 crore.
NBFL is a public company. Its main object inter-alia is to dealing into organic food and its ingredients business. Its turnover was Rs 463.29 crore.In order to facilitate the exit of existing investor i.e. India Agri Business Fund II from NBFL, the company had agreed to acquire the investors stake in NBFL.
Post acquisition Nature Bio-Foods has become a wholly owned subsidiary of the company.
LT Foods is a leading player globally in the specialty rice and rice-based foods business. The company sells its products in more than 65 countries across India, the U.S., Europe, the Middle East, the Far East and the rest of the world.
The companys consolidated net profit declined 4.23% to Rs 150.61 crore on 6.57% increase in revenue from operations to Rs 2107.78 crore in Q2 FY25 over Q2 FY24.
The counter fell 0.53% to end at Rs 419.25 on Tuesday, 31 December 2024.
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