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
December 04, 2019
Plastic manufacturing firm, Manjushree Technopack Ltd has lately purchased a majority share in Amrit ...More
By Jaspreet Kaur
December 02, 2019
B2B marketplace, Infra.Market has lately raised INR 143.26 crore in its Series A funding round; Tige ...More
By Jaspreet Kaur
November 30, 2019
The microfinance company, CreditAccess Grameen Ltd proclaimed that it will acquire 100 per cent shar ...More
By Ritu Marya
November 29, 2019
The transaction happens following CFG’s decision to sell a $500 million stake to the US-headquartere ...More
By Jaspreet Kaur
November 27, 2019
Subscription-based vehicle maintenance platform, FirstU has reportedly raised an undisclosed sum of ...More
By Jaspreet Kaur
November 27, 2019
Just Herbs, which is operated by APCOS Natural Pvt. Ltd will employ the money for expanding its prod ...More
By Jaspreet Kaur
November 25, 2019
The decision of selling the Indian food delivery unit, UberEat has come at a time when the parent co ...More
By Jaspreet Kaur
November 25, 2019
According to a media report, the deal will probably seal by the cessation of February 2020, after re ...More
By Jaspreet Kaur
November 22, 2019
Online ed-tech startup, Azent Overseas Education Ltd has reportedly bought AI-based student admissio ...More
By Jaspreet Kaur
November 22, 2019
WazirX’s ‘Smart Token Fund’ attribute aids cryptocurrency investors in ascertaining traders as well ...More
By Jaspreet Kaur
November 21, 2019
Onelife Nutriscience will employ the money for expansionary plans, team building, and marketing. ...More
By Jaspreet Kaur
November 21, 2019
Beverage making firm, Svami Drinks has reportedly obtained INR 7.5 crore in its pre-Series A funding ...More
By Jaspreet Kaur