M P Satish Babu and Syed Fahad signed a share purchase agreement to acquire 14.14% stake in Ovobel Foods Limited from Ovobel S.A. for INR 73.4 million.
October 21, 2020
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M P Satish Babu and Syed Fahad signed a share purchase agreement to acquire 14.14% stake in Ovobel Foods Limited (BSE:530741) from Ovobel S.A. for INR 73.4 million on October 22, 2020. Under the terms of the share purchase agreement, M P Satish Babu and Syed Fahad will acquire 1.484 million shares in Ovobel Foods for INR 49.41 per share. Under the terms of the transaction, M P Satish Babu will purchase 0.64% stake in Ovobel Foods Limited, with the purchase of 0.067 million shares and Syed Fahad will purchase 13.49% stake in Ovobel Foods Limited, with the purchase of 14.17 million shares. Pre-transaction, M P Satish Babu holds 0.62% stake in Ovobel Foods Limited. Post-closing of the share purchase agreement and a related transaction, M P Satish Babu will hold 10.14% stake in Ovobel Foods Limited and Syed Fahad will hold 19.27% stake in Ovobel Foods Limited. The transaction triggered the open offer obligation for the 26% stake of Ovobel Foods Limited. In related transaction, M P Satish Babu, Sharad M S, Sukanya Satish, Syed Fahad and Bhavihal Gurusiddappa Channappa signed a share purchase agreement to acquire 45.49% stake in Ovobel Foods Limited from Shanti Swarup Aggarwal, Vinita Agarwal, Sadhana Aggarwal, Anisha Agarwal, Natasha Agarwal, Induss Food Products and Equipments Limited, Utsav Parekh, Samarth Parekh, Nilangi Parekh, Progressive Star Finance Private Limited and Saharsh Parekh for approximately INR 240 million on October 22, 2020. Post completion, Sharad M S, Sayed Fahad and Bhavihal Gurusiddappa Channappa will be appointed as additional Directors on the Board of Ovobel Foods with effect from December 11, 2020. Shanti Swarup Aggarwal, Narendra Dattatri Haldawar, Anisha Agarwal, Philip Van Bosstraeten, Swapan Kumar Majumder and Satish Narayana Swamy will resign from the Board of Ovobel Foods with effect from December 15, 2020. A meeting of the Board of Directors of Ovobel Foods is proposed to be held on December 11, 2020 for appointment of Directors pursuant to the share purchase agreement.
Ovobel Foods Limited is an India-based company, which is engaged in manufacturing egg powder and frozen egg. The Company manufactures a complete range of egg products and a supplier to customers in Europe, Japan, Southeast Asia and around the world. It manufactures and export whole egg, yolk, albumen powders or frozen. It offers products, such as Hen whole egg powder, which is used in bakery products, pasta premix, omelets, and pancake premixes. Hen egg yolk powder is used in doughnut premix, bakery products, pasta premix, mayonnaise, biscuits, cookies, and wafers. Hen egg albumen powder (high whip) stabilized is used in nougat, chocolate products, meringues, and muscle building health foods. Hen egg albumen powder (high gel) Stabilized is used as a binder in meat and fish products, macaroni, and puree. Pasteurized frozen hen whole egg is used in food service applications, flight kitchens, soups, confectionery, and burger patties.
M P Satish Babu and Syed Fahad signed a share purchase agreement to acquire 14.14% stake in Ovobel Foods Limited from Ovobel S.A. for INR 73.4 million.