Suumaya Retail Limited entered into a share purchase agreement to acquire 55.01% stake in White Organic Retail Limited (BSE:542667) from White Organic Agro Limited (BSE:513713) for approximately INR 190 million on May 21, 2021. Suumaya Retail Limited will acquire 6 million shares at INR 31.5 per share in cash. In a related transaction, Suumaya Retail Limited made an offer to acquire 26% stake in White Organic Retail Limited for approximately INR 110 million. Suumaya Retail Limited will fund the transaction from the proceeds of INR 310 million received through issuance of Zero Coupon Compulsorily Convertible Debentures. After the transaction, White Organic Retail Limited will cease to be a subsidiary of White Organic Agro Limited. The sale of share is subject to approval of the shareholders of White Organic Agro Limited, open offer by Suumaya Retail Limited and other conditions of the agreement. The Board of Directors of White Organic Agro Limited approved the transaction on May 21, 2021. The transaction is expected to be completed or before August 31, 2021.

Suumaya Retail Limited completed the acquisition of 55.01% stake in White Organic Retail Limited (BSE:542667) from White Organic Agro Limited (BSE:513713) on February 16, 2022.