Authum Investment's board approved the 42.31 per cent acquisition of Prataap Snacks
Acquire 46.85% for Rs 846 cr; deal triggers open offer
Authum Investment will acquire 42.31 per cent and Mahi Madhusudan Kela 4.54 per cent of the voting share capital in Prataap Snacks.
Prataap Snacks surged 4 per cent in early deals on Thursday as reports said Haldiram's is eyeing a 51 per cent stake in the company
The talks are at an early stage and a valuation has not been discussed, though it could be at a premium to Prataap's stock price
On Monday, as many as 1.61 million shares representing 6.8 per cent of total equity of Prataap Snacks changed hands on the NSE, the exchange data shows.
The IPO closes on Tuesday
Share offer saw huge demand despite concerns over weakness in secondary market, pricing of shares
The issue is in a price band of Rs 930-938 per share
Prataap Snacks last week garnered a little over Rs 143 crore from anchor investors
Ahead of IPO, Prataap Snacks raised Rs 143.40 crore by selling 15.28 lakh shares to a total of 15 anchor investors
Shares to be offered at a price band of Rs 930-938 until Sept 26
Among the top 10 fastest growing consumer brands in the country, Yellow Diamond leverages the growing preference for local flavours in the snacks market
The stock soared 10% to Rs 1,404 on the BSE in intra-day trade, appreciated 50% against issue price of Rs 938 per share
Prataap Snacks listed at Rs 1,270, a 35% premium against its IPO price of Rs 938 per share on the NSE
Prataap Snacks listed at Rs 1,270, a 35% premium against its IPO price of Rs 938 per share on the NSE.
The Rs 482-crore initial public offer was oversubscribed 47.39 times during Sept 22-26