Bikaji Foods International Ltd. (BFIL) announced on Wednesday that it has sold a 30% stake in its wholly owned subsidiary, Bikaji Bakes Private Limited (BBPL), in tranches to Thayekunni Khaleel, an industry veteran, entrepreneur and founder of the renowned bakery brand Bakemart.According to the company’s statement, Khaleel is not part of the promoter, promoter group or any group of companies.Read more: India wanted red flags on chip packets and soda. Big Food fought backBBPL has ceased to be a wholly owned subsidiary of Bikaji Foods International following the sale of a 30% stake to Khaleel. Bikaji Foods retains the remaining 70% stake, with BBPL continuing as a subsidiary of the company.Bikaji Foods International Ltd.’s shares jumped following the announcement, trading 2.75% higher at Rs 616.30 as of 1:56 pm.
Bikaji Foods sells 30% stake in baked foods subsidiary to Bakemart founder
Bikaji Foods International announced selling a thirty percent stake in its subsidiary. This significant stake was acquired by industry veteran Thayekunni Khaleel. Bikaji Bakes Private Limited is no longer a wholly owned subsidiary of Bikaji Foods. Bikaji Foods International retains the remaining seventy percent ownership of the subsidiary. The company's shares saw a notable increase following this strategic business announcement.
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