We wish to inform you that the Meeting of Board of Directors of the Company held today i.e. 3rd June, 2025whererin the board has considered and approved the items of the agenda as follows:-
Awaiting price reaction for this filing.
The board of Nagarjuna Agri Tech Ltd, meeting on June 3, 2025, extended the timeline for its 100% acquisition of Kolkata-based bakery chain Kathleen Confectioners (a partnership firm) and Kathleen Food Private Limited, pushing the deal completion date from June 30, 2025 to September 30, 2025. The investment amount remains capped at Rs 23 crores. Kathleen Confectioners reported a turnover of about Rs 12.1 crore in FY24 (with a net loss of Rs 1.23 crore) and operates 94 stores (20 owned, 74 franchised). The board also approved changing the company's name to Zimba Foods & Beverages Limited (or a similar variant), appointed Mr. Rajesh Shaw as an Additional Director, replaced statutory auditors S M V & Co. with Agarwal Khetan & Co., and approved opening a new branch office in Kolkata.
The acquisition signals a major diversification away from agri-tech into the QSR/bakery and food retail segment, with the proposed rebranding to 'Zimba Foods' reinforcing this pivot. Shareholders should view this as a strategic shift into urban FMCG and food retail, though execution risk remains given Kathleen's recent net loss.