Shares of Dodla Dairy Ltd on Monday surged 20 percent after the company acquired Sri Krishna Milks Pvt Ltd for Rs 50 crore to expand its business.
The stock jumped 19.23 percent to Rs 548 on the BSE.
At the NSE, it zoomed 19.99 percent to Rs 548.45.
At 10.50 AM, on the BSE the stock was up 15.27 percent or Rs 69.80 to Rs 526.85 per share. On the NSE, the stock was up 15.29 percent or Rs 69.90 to 526.95.
Dodla Dairy to acquire Karnataka-based Sri Krishna Milks
Dodla Dairy Ltd on Saturday said it has acquired Karnataka-based Sri Krishna Milks Pvt Ltd for Rs 50 crore to expand its business.
In a regulatory filing, Dodla Dairy informed that the company has executed an agreement with Sri Krishna Milks Pvt Ltd for the acquisition of business as a "going concern" and on a slump purchase basis for consideration of Rs 50 crore.
The deal is expected to be concluded in around two months from the date of the acquisition. The consideration would be in the form of cash.
Krishna Milks Pvt Ltd (SKMPL), incorporated in 1989, was the first private sector dairy company in Karnataka.
SKMPL is mainly into procuring milk, manufacturing, and selling dairy products. Its turnover in 2020-21 was Rs 67.27 crore.
(With PTI inputs)
