Heritage Foods Limited has informed the Exchange regarding 'Update on Acquisition of Shares of M/s. Heritage Novandie Foods Private Limited'.
HERITGFOOD · price
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Awaiting price reaction for this filing.
Heritage Foods Limited has completed the acquisition of 71 lakh additional equity shares in its dairy joint venture, Heritage Novandie Foods Private Limited, for a total consideration of Rs. 8.50 crore. With this purchase, Heritage Foods' stake in the JV has risen to 94.40% (1,50,95,339 shares out of 1,59,90,678), making Heritage Novandie a subsidiary of Heritage Foods effective June 16, 2025. The acquisition was done through a Share Purchase Agreement with a concerned shareholder. As a result, the target company also gets classified as a deemed public company under Section 2(71) of the Companies Act, 2013. This is an update to an earlier communication from May 16, 2025 regarding the same transaction.
Heritage Foods has consolidated near-complete control (94.40%) over its dairy JV with French partner Novandie, converting it into a subsidiary. This gives the company greater strategic and operational flexibility, though it also increases financial exposure. The pricing of roughly Rs.12 per share looks reasonable and is unlikely to materially impact Heritage Foods' overall financials.