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.