Shares of Prataap Snacks Restricted (PSL) surged 11 per cent on Thursday after a information report claimed that snacks majpr Haldiram’s is in talks to accumulate a majority stake within the firm behind ‘Yellow Diamond Chips’. With the acquistion, Haldiram’s is eyeing to increase its presence within the potato chip market, Reuters stated quoting two sources. Prataap Snacks, which is predicated in Indore, is at the moment valued at $350 million.
Haldiram’s is eyeing a majority stake of at the least 51 per cent, however a last quantity has not been determined. The talks are at an early stage and the deal valuation has not been mentioned, the report stated.
Final month, information reviews had stated that the deal is being led by enterprise capital agency Peak XV Companions, previously Sequoia Capital India, which is a part of the promoter group and owns near 47 per cent of the corporate.
PSL has a community of greater than 5,000 distributors and sub distributors and is evident competitor of Pepsi’s Lay’s model.
Shares of Prataap Snacks closed at Rs 1,371.45 , up by 10.73 per cent.