Reliance to buy 51% stake in Lotus Chocolate, announces open offer for additional 26% stake

Lotus Chocolate: Reliance Industries announces to bring an open offer for additional 26% (33,38,673 shares) stake in Lotus Company.

The fortunes of LOTUS, a chocolate making company, are also going to turn around soon. Reliance Consumer Products Limited, a subsidiary of Reliance Retail Ventures, is soon to buy 51% stake in Lotus Chocolate Company. After this news, the stock of the company is touching the sky. A deal has been finalized to acquire 65,48,935 shares of Lotus at Rs 113 per share for Rs 74 crore.

Lotus Chocolate:  Apart from this, Lotus has also announced to bring an open offer for additional 26% (33,38,673 shares) stake in the company. This information has been shared by Reliance Retail. Isha Ambani, daughter of Mukesh Ambani, chairman of Reliance Industries Limited, is handling the responsibility of Reliance Retail Ventures.

On the other hand, after this deal, the shares of Lotus Company have started touching the sky. The shares of Lotus Company reached 135.50 on Tuesday. Isha Ambani, Executive Director of Reliance Retail Ventures, said that Reliance is excited to partner with the chocolate company, which has built a strong cocoa and chocolate derivatives business.

Towards promotion of indigenous products

Isha Ambani says, ”Our investment in the company underlines our commitment to promote indigenously developed daily use high quality products. We look forward to working with Lotus’s experienced management team.”

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