India's Prataap Snacks jumps on report of ITC looking to buy stake

Prataap Snacks

22/02/2024 07:00

** Shares of Prataap Snacks  PRAT.NS  up 9.5% to 1,288
rupees 
    ** Cigarettes-to-hotels conglomerate ITC  ITC.NS  looking to
buy a 47% stake in Prataap Snacks from Peak XV Partners,
business daily Economic Times reports
    ** ITC shares up ~1%
    ** If successful, deal will trigger an open offer for an
additional 26% stake, ET report adds
    ** Prataap Snacks, ITC, Peak XV Partners did not immediately
respond to Reuters request for comment
    ** PRAT on track to snap two consecutive week of losses, if
trends hold

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))