Sarveshwar Foods to acquire 100 percent stake in Himalayan Ancient Foods
SARVESHWAR · price
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On the reaction day the stock moved 3.5 pts more than Nifty Microcap 250 and 2.6 pts more than its Other Agricultural Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Sarveshwar Foods board approved acquiring full 100 percent stake in Himalayan Ancient Foods Private Limited, making it a wholly owned subsidiary. The target, which has nil turnover, will act as a Special Purpose Vehicle for the Holistic Agriculture Development Programme project. Cost is about 1 lakh rupees (1,000 shares at face value of 100 rupees). The deal is a related party transaction due to common directors and promoter interest. Form SH-4 share transfer deed execution was also approved.
Small ticket acquisition to set up an SPV for the agriculture development project; minimal immediate financial impact, strategic in nature.