Emami Limited on Thursday announced that the Company has entered into definitive agreements today to acquire 26 percent of shareholding of Axiom Ayurveda Private Limited (Axiom) on a fully diluted basis, which owns the brand Alofrut - a proprietary fusion of aloevera pulp with fruit blend, the company announced through an exchange filing.
Indicative time period for completion of the acquisition
Acquisition of 26 percent of the paid-up share capital of Axiom on a fully diluted basis, through primary infusion and secondary buyouts, it is expected to be completed within one month.
Cost of acquisition
It is as per mutually agreed valuation, price of shares has not been disclosed due to reasons of confidentiality.
Background about the entity
Axiom Ayurveda Private Limited, a company registered under the Companies Act was incorporated on November 14, 2019 in the state of Haryana.
Axiom which has a presence in Indian Market is a beverage company with a proprietary fusion of aloe vera pulp with a fruit blend. It has other product portfolios in the beverage segment & personal care which contribute approximately 15-20 percent to the business. Rishabh Gupta and Alisha Gupta are the founders of the company.
Emami Limited shares
The shares of Emami Limited on Thursday at 3:30 pm IST were at Rs 515, up by 0.59 percent.