Bikaji Foods sells 30% stake in baked foods subsidiary to Bakemart founder

Bikaji Foods International Ltd. (BFIL) announced on Wednesday that it has sold a 30% stake in its wholly owned subsidiary, Bikaji Bakes Private Limited (BBPL), in tranches to Thayekunni Khaleel, an industry veteran, entrepreneur and founder of the renowned bakery brand Bakemart.

According to the company’s statement, Khaleel is not part of the promoter, promoter group or any group of companies.

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BBPL has ceased to be a wholly owned subsidiary of Bikaji Foods International following the sale of a 30% stake to Khaleel. Bikaji Foods retains the remaining 70% stake, with BBPL continuing as a subsidiary of the company.

Bikaji Foods International Ltd.’s shares jumped following the announcement, trading 2.75% higher at Rs 616.30 as of 1:56 pm.