India's Patanjali Foods up on acquisition of non-foods business

Patanjali Foods

02/07/2024 05:47

** Shares of Patanjali Foods  PAFO.NS  rise as much as 3.8%
to 1,764.4 rupees, highest since March 23, 2018
    ** Co approved the acquisition of the entire non-food
business undertaking, including hair care, skin care, dental
care, carried out by Patanjali Ayurved (PAL) for a consideration
of 11 bln rupees ($131.7 mln)
    ** Co and PAL also entered into a licensing agreement for
use of PAL's licensed intellectual properties
    ** More than 1.9 mln shares change hands, 2.7x its 30-day
avg
    ** Stock gained 19% in June qtr



($1 = 83.5330 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))