Authum Invt hits 5% higher band as board okays stake purchase in Prataap Snacks: Authum funding & infrastructure share value | Information on Markets

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Authum Invt hits 5% higher band as board okays stake purchase in Prataap Snacks: Authum funding & infrastructure share value | Information on Markets

Authum Funding to amass Prataap Snacks

2 min learn Final Up to date : Sep 30 2024 | 11:13 AM IST

Authum Funding & Infrastructure share value hit a 5-per cent higher circuit on the BSE in Monday’s (September 30) intraday commerce. The shopping for within the inventory was sparked after the corporate’s board accepted the acquisition of 42.31 per cent stake in Prataap Snacks.

At round 10:12 AM, Authum Funding & Infrastructure share value was up 3.94 per cent at Rs 1,765 per share on the BSE. Prataap Snacks share value, alternatively, have been down 3.65 per cent at Rs 1,007.85 per share. As compared, the BSE Sensex traded 0.69 per cent decrease at 84,977.76 across the identical time.

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Previously one yr, Authum Industries shares have gained 251.8 per cent as towards BSE Sensex’s rise of 30 per cent.

In a submitting, Authum Funding mentioned, “Authum Funding and Infrastructure Ltd has signed a Share Buy Settlement (SPA) on September 26, 2024, with Mahi Madhusudan Kela (known as PAC), for the acquisition of a 46.85 per cent stake in Prataap Snacks Ltd.”

As per the share buy settlement, the Sanjay Dangi family-led Authum will purchase 10.2 million shares and Kela 1.1 million shares of Prataap Snacks at Rs 746 apiece for a complete outgo of Rs 846 crore. They may even make an open provide to amass a further 6.3 million shares at Rs 864 apiece for as much as Rs 544 crore.

The acquisition is anticipated to be accomplished inside six months and the transaction is price Rs 846.6 crore.

After the completion of the acquisition, Prataap Snacks will turn into an affiliate firm of Authum Funding.

The acquisition as per Authum Funding aligns with their long run technique of diversifying their portfolio whereas investing in sectors that exhibit each stability and progress potential.

The corporate will purchase stakes from Peak XV Companions Progress Funding Holdings I, Peak XV Companions Progress Funding II, Sequoia Capital GFIV Mauritius Investments.

First Printed: Sep 30 2024 | 11:07 AM IST