Bikaji Foods Shares Surge to 52-Week High on Bhujialalji Acquisition
According to an exchange filing, Bikaji Foods acquired a 49% stake in equity shares and 396 CCDs of Bhujialalji Private Limited on July 19, 2023. This made Bhujialalji Private Limited an associate of Bikaji Foods.
Following the announcement of the acquisition, Bikaji Foods shares surged to ₹451 on Wednesday, marking a 6% increase, before partially relinquishing its gains.
Bikaji Foods purchased 9,608 equity shares at ₹5,100 per share, totaling ₹4.9 crore. They also acquired 396 CCDs at the same price, amounting to ₹0.2 crore. The total cash consideration for the deal was ₹5.1 crore.
Bikaji Foods International made its debut on the stock exchange in November 2022, generating slightly over ₹881 crore from the primary stake sale. The sale was conducted through an offer-for-sale (OFS) where shares were sold in the range of ₹285-290 per share. The stock has since seen a 50% increase from its issue price of ₹300.
Bhujialalji Private Limited, operating under the brand name 'Bhujialalji' in the FMCG industry, was incorporated on May 28, 2021. As of March 31, 2023, the company had an annual turnover of Rs 18.08 crore and a net worth of Rs -3.03 crore.
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