Vadilal Industries clarifies acquisition reports for Bain Capital

In response to media allegations claiming that Vadilal Industries had received a buyout offer from private equity firm Bain Capital, the ice cream producer responded that there was no information that had not been made public by the business to the stock markets.

“There is no information which has not been announced by the Company to the stock exchanges and which should have been announced by the Company in terms of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015,” Vadilal Industries said in the regulatory filing.

According to earlier media reports, the US-based investment company wants to take a controlling interest in the combined Vadilal Industries and Vadilal Enterprises. Bain Capital is reportedly considering merging the two businesses and values the Vadilal ice cream business at around Rs 30 billion.

Vadilal Industries Limited stated in a regulatory filing that it “regularly evaluates various opportunities for restructuring, investments, or divestments in the course of its business,” adding that no announcement or event had happened that required disclosure.

“The Company has informed stock exchanges in respect to certain business transactions being approved by the Company’s board of directors, which were subject to the approval of the Company’s shareholders and execution of the definitive agreements. This information was provided on December 8, 2022. As of date, no more announcement or incident has taken place that necessitates a disclosure,” it stated.

Source: Media reports

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