Authum Investment & Infrastructure (AIIL) and Mahi Madhusudan Kela are together acquiring 46.85% stake of Prataap Snacks (PSL) from Sequoia.
- 42.31% is being acquired by AIIL and 4.54% by Mahi Madhusudan Kela @ Rs 746/ share
- Mahi will also get classified as part of the promoter group.
- Sequoia is selling out completely.
- In line with the regulations, an open offer of additional 26% is being made by AIIL @ Rs 864/ share
- PSL’s closing price before announcement of the transaction was Rs 889/ share
Important points to note –
- AIIL is a listed NBFC engaged in the business of fund-based activities – including investment in shares, securities, mutual funds etc. and providing loans and advances, etc.
- It’s an entity promoted by the family of stock market expert Sanjay Dangi. The family owns 75% of the Company.
- Dangi was earlier a witness in the DHFL scandal case. The CBI recently had informed the court that it would soon file a chargesheet against Dangi and his wife.