{"id":80339,"date":"2022-12-30T10:46:00","date_gmt":"2022-12-30T05:16:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=80339"},"modified":"2022-12-30T10:44:39","modified_gmt":"2022-12-30T05:14:39","slug":"biz-ld-reliance-lotus-chocolate","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-ld-reliance-lotus-chocolate\/","title":{"rendered":"Reliance to acquire majority stake in Lotus Chocolate"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-598817602\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Reliance Consumer Products Ltd, the fast-moving consumer goods arm of Reliance Industries Ltd, will acquire a controlling stake in Lotus Chocolate.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1336183267\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>Reliance Consumer Products Ltd (RCPL) has entered into an agreement with the promoters of Lotus Chocolate, which manufactures chocolates, cocoa products and cocoa derivatives. \u00a0\u00a0\u00a0 As part of the share purchase agreement, RCPL proposes to acquire 77 per cent of the paid-up share capital of Lotus Chocolate through a &#8220;secondary purchase&#8221; from promoters Prakash Peraje Pai and Ananth Peraje Pai, followed by an open offer. &#8220;RCPL will acquire 65.48 lakh equity shares of LOTUS representing 51% of the paid-up equity share capital of LOTUS from the current promoter and promoter group&#8230; at a price per share of Rs 113.00 aggregating to Rs 74 crore,&#8221; said a joint statement.\u00a0 It added, &#8220;RCPL and certain promoter group entities of LOTUS to subscribe to 5.07 crore non-cumulative redeemable preference shares of face value of Rs. 10 each.&#8221; RCPL would make an open offer for an additional 26 per cent stake, it further said.<\/p>\n<p>RRVL Executive Director Isha Ambani said, &#8220;The investment in LOTUS underlines our commitment to further boost indigenously developed daily use high quality products, to serve a broad customer spectrum at affordable prices. We look forward to working with the highly experienced management team of LOTUS as we further expand the business and drive its next growth phase.&#8221; \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Founder-Promoter of Lotus Chocolate Abhijit Pai said, &#8220;Our strategic partnership with Reliance, through this investment, will further enable this vision and accelerate Lotus&#8217; transformation.&#8221; \u00a0\u00a0\u00a0 Earlier in a regulatory filing, Lotus Chocolate said a shareholders agreement (SHA) has been executed between RCPL and members of the promoter and promoter group, namely Prakash Peraje Pai, Ananth Peraje Pai, Poornima Pai, Nivedita Pai, Ashwini Pai, Abhijeet Pai, Aman Paiand and Aditya Pai. \u00a0\u00a0\u00a0 Lotus Chocolate said its board approved the execution of SHA which would come into effect from the closing date as mentioned in the share purchase agreement (SPA) entered between RCPL and the promoters, namely Prakash Peraje Pai and Ananth Peraje Pai. \u00a0\u00a0\u00a0 As per the SPA, Prakash Peraje Pai and Ananth Peraje Pai proposed to sell equity shares of the company to RCPL. \u00a0\u00a0\u00a0 Both jointly own 57 per cent stake in Lotus Chocolate, as of the quarter ended September 2022. \u00a0\u00a0\u00a0 &#8220;The transaction contemplated under the SPA and SHA has also triggered an obligation on RCPL to make an open offer to the public shareholders of the Company&#8230;,&#8221; it said. \u00a0\u00a0\u00a0 RCPL is the FMCG arm and subsidiary of the country&#8217;s leading retailing firm Reliance Retail Ventures Ltd (RRVL). \u00a0\u00a0\u00a0 RCPL has ambitions to be a relevant player in the FMCG segment. It had earlier this month launched its consumer packaged goods brand &#8216;Independence&#8217;. \u00a0\u00a0\u00a0 RRVL Director Isha Ambani had on August 29 announced the launch of its FMCG goods business during the AGM of Reliance Industries. \u00a0\u00a0\u00a0 Under the &#8216;Independence&#8217; brand, the company will offer a range of products in several categories, including staples, processed foods and other daily essentials. \u00a0\u00a0\u00a0 Before this, Reliance had acquired the home-grown soft drink brand Campa. \u00a0\u00a0\u00a0 According to some reports, it was also in talks to acquire Garden, Lahori Zeera and Bindu Beverages, among others. \u00a0\u00a0\u00a0 RRVL is the holding company of all the retail businesses under billionaire Mukesh Ambani-led Reliance Industries. RRVL, through its subsidiaries and affiliates, operates over 16,500 stores and partners with over 2 million merchants. \u00a0\u00a0\u00a0 It also operates a network of omnichannel businesses through Jio Mart, Ajio, Netmeds, Zivame and other online channels. \u00a0\u00a0\u00a0 In FY22, its consolidated turnover was Rs 1.99 lakh crore. PTI KRH MJH ABM ABM<\/p>\n<div class=\"trade-after-content\" id=\"trade-61296912\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Reliance Consumer Products Ltd, the fast-moving consumer goods arm of Reliance Industries Ltd, will acquire a controlling stake in Lotus Chocolate. Reliance Consumer Products Ltd (RCPL) has entered into an agreement with the promoters of Lotus Chocolate, which manufactures chocolates, cocoa products and cocoa derivatives. \u00a0\u00a0\u00a0 As part of the share purchase agreement, RCPL proposes [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":24367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31,1789],"tags":[],"class_list":["post-80339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-trending-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Reliance to acquire majority stake in Lotus Chocolate - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/?p=80339\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reliance to acquire majority stake in Lotus Chocolate\" \/>\n<meta property=\"og:description\" content=\"Reliance Consumer Products Ltd, the fast-moving consumer goods arm of Reliance Industries Ltd, will acquire a controlling stake in Lotus Chocolate. 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