LT Foods rallies 6% on potential acquisition of rice export business
LT Foods Ltd rallied as much as 9.1% on Friday, after reports suggesting the company plans to buy the company for Rs 25 crore from Hindustan Unilever.
By ET Online | Updated:
NEW DELHI: LT Foods Ltd rallied as much as 9.1 per cent in trade on Friday, after media reports suggested that the company plans to buy rice exports business company for Rs 25 crore from Hindustan Unilever.
The deal transfers inventory along with two rice brands - Gold Seal Indus Valley and Rozana - to LT Foods' Middle East arm. Both these brands had combined sales of Rs 51 crore last fiscal.
The stock eventually closed 6.04 per cent higher at Rs 236.90.
HUL will continue to manage the business until the completion of the transaction which is expected to close over the next few months.
The deal transfers inventory along with two rice brands - Gold Seal Indus Valley and Rozana - to LT Foods' Middle East arm. Both these brands had combined sales of Rs 51 crore last fiscal.
The stock eventually closed 6.04 per cent higher at Rs 236.90.
HUL will continue to manage the business until the completion of the transaction which is expected to close over the next few months.
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