Further to the media release dated December 29, 2022, regarding the acquisition of controlling stake in Lotus Chocolate Company (“LOTUS”), Reliance Consumer Products (“RCPL”), the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures (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 24 May 2023.