Prataap Snacks Limited was incorporated in 2009 and is publicly listed
The Competition Commission of India has approved the proposed acquisition involving Autumn Investment & Infrastructure Limited and Ms. Mahi Madhusudan Kela, who will acquire 72.89 per cent of the voting share capital in Prataap Snacks Limited.
Prataap Snacks Limited, the target company, was incorporated in 2009 and is publicly listed. It specialises in snack foods, operating solely within the ‘Snacks Food’ segment. Its product offerings include a wide range of extruded snacks and potato chips, popularised under the ‘Yellow Diamond’ and ‘Avadh’ brands.
As part of this acquisition, Acquirer No. 1 will purchase equity shares representing 42.33 per cent of the voting share capital of the target through a Share Purchase Agreement with the sellers: Peak XV Partners Growth Investment Holdings I, Peak XV Partners Growth Investments II, and Sequoia Capital GFIV Mauritius Investments. Additionally, Ms. Mahi Madhusudan Kela (Acquirer No. 2) will acquire equity shares representing 4.54 per cent of the voting share capital from these same sellers. Together, Acquirer No. 1 and Acquirer No. 2 will thus acquire a total of 46.87 per cent of the voting share capital in Prataap Snacks Limited.
Furthermore, Acquirer No. 1 and Acquirer No. 2 have announced a public open offer to the shareholders of the target company for the acquisition of fully paid-up equity shares representing 26.01 per cent of the voting share capital.
Upon completion of the acquisition, Acquirer No. 1 will become the promoter of the target company, while Acquirer No. 2 will join the promoter group. Consequently, the sellers will cease to be members of the promoter and promoter group of Prataap Snacks Limited.