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Prataap Snacks spurts 16% on plan to acquire 80% stake in Avadh

Shares of Prataap Snacks Ltd. (PSL) spurted 16% in Thursday’s morning trade after its board of directors granted an approval to acquire ~80% stake in Avadh Snacks.

The company has agreed to acquire stakes for a consideration of Rs148cr through a combination of primary and secondary investments. PSL will also indirectly acquire control of Red  Rotopack, which is a wholly owned subsidiary of Avadh Snacks. The company on August 22, 2018, entered into a share purchase agreement and shareholders’ agreement for the said transaction, PSL said in a press note to the exchanges on Wednesday.

“I am very excited about this partnership. PSL has been one of the fastest growing snack food companies. Our acquisition of Avadh will help us accelerate our growth and deepen our presence in the key market of Gujarat. Gujarat is the biggest salty snacks market in India and is one of the most important markets where PSL would like to build a presence with a strong partner like Avadh,” Amit Kumat, MD and CEO, Prataap Snacks said.

Prataap Snacks share is currently trading at Rs1,254.05, up by Rs180.55 or 16.82% from its previous closing of Rs1,073.50 on the BSE.

The scrip opened at Rs1,102, and has touched a high and low of Rs1,288.20 and Rs1,102, respectively. So far, 71,562 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs2,517.68cr.

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