Bikaji Foods International Ltd on Tuesday announced that its board will meet on August 23 to consider and approve the acquisition of stake in Ariba Foods Private Limited.
In a regulatory filing, Bikaji Foods said, “We hereby inform you that a meeting of the Board of Directors of Bikaji Foods International Limited will be held on Friday, August 23, 2024, to consider and approve the acquisition of stake in Ariba Foods Private Limited, which is engaged in the business of manufacturing and selling of frozen food.”
Earlier in July 2023, Bikaji Foods had acquired 49 per cent stake and 396 Compulsorily Convertible Debentures (CCDs) in Bhujialalji Pvt Ltd, an ethnic snacks company. The deal comprised 9,608 equity shares and 396 CCDs at Rs 5100 value per security aggregating to Rs 5.10 crore. The face value is Rs 10 per equity share.
This year in July, the company posted its Q1 earnings with 40.2 per cent increase in its consolidated net profit at Rs 58.06 crore as against Rs 41.41 crore during the corresponding quarter of previous financial year. Its revenue from operation was up 15.24 per cent to Rs 555.12 cr in the June quarter.