Why Bikaji Shares Are Skyrocketing Today

Bikaji Foods International Ltd, one of India’s largest ethnic snacks companies, announced on Wednesday the acquisition of a 49% stake in Bhujialalji Pvt. Ltd., an emerging company in the ethnic snacks industry.

What Happened: According to a press release issued by Bikaji Foods, the deal comprised 9,608 equity shares and 396 Compulsorily Convertible Debentures (CCDs) in Bhujialalji Pvt. Ltd. at ₹5100 value per security, aggregating to ₹5.10 Crore. The face value is ₹10 per equity share. Bhujialalji Pvt. Ltd. is a new entrant to this industry with its product portfolio comprising popular Bhujia and namkeen variants.

See Also: How To Check IPO Allotment Status For Utkarsh Small Finance Bank

Deepak Agarwal, Managing Director, Bikaji Foods International Limited, expressed his excitement about the acquisition, stating that it marks a small step in their big growth plans. He believes that there is no fear of brand cannibalisation and that multiple companies across the globe operate similarly.

Shares of the company skyrocketed as soon as the announcement was made. The stock surged up over 8% to hit a new 52-week high of ₹468.90.

Price Action: Bikaji’s share price was up 7.20% to trade at ₹457 in the early hours of trading on Wednesday.

Read Next: What Is Zerodha’s Share Price And How To Buy

Engineered by Benzinga Neuro, Edited by Utkarsh Roshan

The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.

Posted In: EquitiesM&AMarketsMoversTrading IdeasBhujialalBikaiji