Reliance Consumer Products Limited made an offer to acquire a 26% stake in Lotus Chocolate Company Limited (BSE:523475) for INR 390 million on December 29, 2022. Reliance Consumer Products Limited will acquire 3.33 million shares at INR 115.5 each. In a related transaction, Reliance Consumer Products Limited entered into a share purchase agreement to acquire 51% stake in Lotus Chocolate Company Limited from Ananth P. Pai and Prakash P. Pai for approximately INR 740 million on December 29, 2022. The open offer is not conditional upon any minimum level of acceptance and not a competing offer. The transaction has been recommended by the Committee of Independent Directors of Lotus unanimously. The tender offer will commence on February 21, 2023, and close on March 6, 2022. As of March 8, 2023, the tendering period will commence on March 16, 2023 and will end on March 31, 2023. Gunjan Jain and Nidhi Gupta of DAM Capital Advisors Ltd. acted as manager to the offer to Reliance Consumer Products Limited. M Murali Krishna of KFin Technologies Limited (NSEI:KFINTECH) acted as a registrar to Reliance Consumer Products Limited. BDO India LLP advised IDC of Lotus.

Reliance Consumer Products Limited completed the acquisition of 0.001% stake in Lotus Chocolate Company Limited (BSE:523475) on March 31, 2023.