Britannia Industries soars on entering into JVA with Bel SA, France and Britannia Dairy

Britannia Industries is currently trading at Rs. 4277.35, up by 65.20 points or 1.55% from its previous closing of Rs. 4212.15 on the BSE.

Britannia Industries
Britannia Industries

The scrip opened at Rs. 4230.00 and has touched a high and low of Rs. 4300.80 and Rs. 4224.30 respectively. So far 9180 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 4,300.80 on 29-Nov-2022 and a 52 week low of Rs. 3050.00 on 08-Mar-2022.

Last one week high and low of the scrip stood at Rs. 4,300.80 and Rs. 4140.80 respectively. The current market cap of the company is Rs. 102754.42 crore.

The promoters holding in the company stood at 50.55% while Institutions and Non-Institutions held 33.30% and 16.14% respectively.

Britannia Industries has entered into a Joint Venture Agreement (JVA) with Bel SA, France (Bel) and Britannia Dairy (BDPL) on November 29, 2022 to undertake the development, manufacturing, marketing, distribution, trading and selling, etc., of cheese products in India and certain other countries (Territory).

As a part of the JVA, Britannia shall sell and transfer 49% of its equity stake in its wholly owned subsidiary, BDPL, to Bel in accordance with the terms of the Share Purchase Agreement entered between Britannia and Bel, on November 29, 2022 (SPA). Consequently, Bel shall become the legal and beneficial owner of 49% of the entire issued, subscribed and paid‐up equity share capital of BDPL and the balance 51% shall continue to be held by Britannia. BDPL will become a Joint Venture Company (JV Company) of Britannia and Bel in India which will carry out/undertake the cheese business in the Territory. Further, as a part of the JVA, BDPL will allot equity shares to Britannia and Bel, in accordance with the terms of the Share Subscription Agreement entered between Britannia, Bel and BDPL, on November 29, 2022 (SSA).

Britannia Industries is one of the India’s biggest brands of the country. More-than-a-century old Britannia has launched big brands in FMCG segment.

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