your password has been reset successfully, Please login again.

Promoters Plans to Acquire Nearly 51 Per Cent Stake in Parag Milk

The news has come following Chairman and Promoter of Parag Milk, Devendra Shah acquired 200,000 stakes of the firm lately.
BY BEx Bureau
BusinessEx
Dec 02, 2019

Promoter of food brand, Parag Milk Foods Ltd is planning to raise their share in a company to 51 per cent in the offing, Business Standard reported.

Under the proposed transaction, promoters will buy nearly 4.2 million shares of Mumbai-headquartered firm from the open market in the coming months, the cited media agency reported.

According to the previous close of INR 145.60 per share, the promoters will have to pay out INR 60 crore for approximately 4.3 million stakes.

The news has come following Chairman and Promoter of Parag Milk, Devendra Shah acquired 200,000 stakes of the firm lately.

On September 2019, the promoters held 46 per cent stake in aggregate in the firm.

The promoters had vowed 36 per cent of their total stakeholding to lessors, of which 31 per cent stakes has been freed after repaying debt, Business Standard reported.

"The promoter group was looking to bring down their pledged shares by 20 per cent over the coming quarters," Shah said in an interview with Business Standard.

Please add your Comment
SIMILAR News
April 22, 2020
In unfavourable conditions, Indian companies are taking panicked decisions and opting for bridge rou ...More
By Jaspreet Kaur
April 04, 2020
Aavishkaar has wholly exited from Sara Plast, which is a portable sanitation services company ...More
By Jaspreet Kaur
March 10, 2020
The startup essentially concentrates on hosting online events; its funding round was led by Accel In ...More
By Jaspreet Kaur
March 07, 2020
Singularity Automation is concentrated on firms working in the shared accommodation industry to hand ...More
By Jaspreet Kaur
February 28, 2020
MinionLabs essentially gives real-time understanding of energy consumption in electric appliances ...More
By Jaspreet Kaur
February 28, 2020
ONGC and HPCL are acquiring a new share for INR 371 crore, which they did not own previously ...More
By Jaspreet Kaur
February 18, 2020
JSW Energy has got into a share procurement concord with GMR Energy Ltd to buy 100 per cent share in ...More
By Jaspreet Kaur
February 17, 2020
The Bengaluru-based company, NestAway Technologies Pvt. Ltd has bought apartment management and sec ...More
By Jaspreet Kaur
February 01, 2020
As per the agreement, Indiabulls will offer its share to t Embassy's stakeholders considering a swap ...More
By Jaspreet Kaur
January 27, 2020
As per the concord, the Germany-based company will buy nearly 99 per cent of the equity share capita ...More
By Jaspreet Kaur
January 25, 2020
The Noida-based payment solutions firm, Pine Labs Pvt. Ltd has secured undisclosed funding from the ...More
By Jaspreet Kaur
January 24, 2020
Jaipuria Group-backed PepsiCo bottler has lately invested INR 10 crore in pre-Series A funding round ...More
By Jaspreet Kaur