The cash offer comprises a price of Rs 864 per equity share along with an interest component of Rs 1.66 per equity share.
The company informed about the development on Wednesday after market hours. Shares of Prataap Snacks today ended at Rs 1,181 on the NSE, up by Rs 34.85 or 3.04% over the Tuesday closing price. Prataap Snacks is a smallcap company with a market capitalisation of Rs 2,800 crore.
Authum Investment & Infrastructure, which was incorporated in 1982 is a registered NBFC and is listed on the BSE and NSE. Company’s market capitalisation is at Rs 32,265 crore.
Mahi Madhusudan Kela is the wife of ace investor Madhusudan Kela.
The offer is an open offer under the SEBI (SAST) Regulations to acquire equity shares of the total Voting Share Capital from the public shareholders.”If the number of Equity Shares validly tendered by the Public Shareholders under this Offer is more than the Offer Size, then the Offer Shares validly tendered by the Public Shareholders will be accepted on a proportionate basis, subject to acquisition of a maximum of 62,98,351 Equity Shares, representing 26.01% of the Voting Share Capital. Accordingly, there is no assurance that all the Equity Shares tendered by the Public Shareholders (as defined below) in the Offer will be accepted,” the company filing said.Also Read: Bank, energy stocks most consistent performers of last 10 years. Should you buy, hold, or book profits?
The proposed acquisition was approved by the Competition Commission of India (CCI) in December.
Prataap Snacks stock is a market laggard and has seen its share price erode by 1.2% in the last one year. In contrast, Nifty has rallied 10% in the same period.
Though on a six-month basis, its returns of 32% outshine Nifty by a long margin. The latter has fallen 2.6% in the past six months.
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