Sapphire Foods India Ltd's subsidiary increases stake in Maldives arm

The Board of Directors of Gamma Pizzakraft (Overseas) Private Limited ("GPOPL"), wholly-owned subsidiary of Sapphire Foods India Limited ("Company"), has considered and approved subscription of upto 81,914 Equity Shares of Gamma Island Food Private Limited ("GIFPL"), subsidiary of GPOPL and step-down subsidiary of the Company, for a total consideration of upto MVR 18,840,220 ("Proposed Acquisition"). Pursuant to this proposed acquisition, the equity share holding of GPOPL in GIFPL will be increased from the existing 51% up to 75%.

GFIPL is principally engaged in operating of Pizza Hut and KFC restaurants in Maldives under franchisee agreements.

The objective of proposed acquisition is to, principally support GFIPL in its business expansion (opening of new stores) plan in Maldives and to further consolidate shareholding in GFIPL. The proposed acquisition will result in an increase of GPOPL shareholding in GFIPL from the existing 51% up to 75%.

Shares of Sapphire Foods India Limited was last trading in BSE at Rs. 1236.90 as compared to the previous close of Rs. 1197.15. The total number of shares traded during the day was 17333 in over 2924 trades.

The stock hit an intraday high of Rs. 1245.00 and intraday low of 1192.85. The net turnover during the day was Rs. 21185732.00.

Source : Equity Bulls

Keywords

SapphireFoodsIndia INE806T01012 Restaurants StakeAcquisition GammaIslandFood Maldives