Daawat Rice Maker LT Foods Buys Remaining Stake In Nature Bio-Foods
After this acquisition, Nature Bio-Foods will become a wholly owned subsidiary company of the company. The move is aimed at expanding the company's organic food portfolio, it said.
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LT Foods Ltd., popular for its Daawat brand of rice, has acquired the remaining 17.5% stake in Nature Bio-Foods Ltd. from India Agri Business Fund II Ltd. for Rs 110 crore. The acquisition will be completed by Dec. 31, 2024.
After this acquisition, Nature Bio-Foods will become a wholly owned subsidiary company of the company, according to an exchange filing. The move is aimed at expanding the company's organic food portfolio, it said.
NBFL's share capital is Rs 2.42 crore, and it has a turnover of Rs 463.29 crore.
LT Foods, which was founded in the 1980s, is a major player in the rice industry. The company specialises in milling, processing, and marketing both branded and non-branded basmati rice. Additionally, it manufactures rice-based food products for both domestic and international markets.
Shares of LT Foods fell 1.53% to Rs 366.10, the lowest level since Aug. 26, 2024, before paring losses to trade 0.50% lower at Rs 369.95 per share at 03:15 p.m. This compares to a 0.35% advance in the NSE Nifty 50.
The stock has gained 123.73% in 12 months, and 82.11% year-to-date. Total traded volume so far in the day stood at 0.48 times its 30-day average. The relative strength index was at 76.96.
