RELIANCE CONSUMER PRODUCTS LIMITED COMPLETES ACQUISTION OF 51% CONTROLLING STAKE IN LOTUS CHOCOLATE COMPANY LIMITED
Further to the media release dated December 29, 2022, regarding acquisition of controlling stake in Lotus Chocolate Company Limited (“LOTUS”), Reliance Consumer Products Limited (“RCPL”), the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures Limited (RRVL) has –
a) Completed the acquisition of 51% controlling stake in LOTUS for an aggregate consideration of Rs. 74 crore.
b) Subscribed to non-cumulative redeemable preference shares of LOTUS for an aggregate consideration of Rs. 25 crore.
RCPL has also completed the acquisition of equity shares pursuant to the open offer made under SEBI Takeover Regulations.
RCPL has taken sole control of LOTUS with effect from May 24, 2023.