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Dodla Dairy shares gain 19% on buying of Sri Kirshna Milks for Rs 50 crore

March 21, 2022 04:55 PM

Dodla Dairy shares gain 19% on buying of Sri Kirshna Milks for Rs 50 crore
Dodla said it acquired Sri Krishna Milks for the expansion of business of the company and the consideration will be in cash.

Shares of Dodla Dairy surged 19 per cent to Rs 548 on the BSE in Monday’s intra-day trade after the company announced acquisition of dairy products company Sri Krishna Milks Private Limited (SKMPL) for a cash consideration of Rs 50 crore.

Dodla said it acquired Sri Krishna Milks for the expansion of business of the company and the consideration will be in cash. The acquisition will be completed around two months from the date of agreement.

“The company has executed a Business Transfer Agreement with Sri Krishna Milks Private Limited (SKMPL) for acquisition of Business as a ‘going concern’ and on a slump Purchase basis for consideration of Rs 50 crore,” Dodla Dairy said in an exchange filing on Saturday, March 19, 2022.

The object of acquisition is expansion of business of the company. The acquisition will be completed around two months from the date of agreement. SKMPL is mainly into procuring milk, manufacturing, and selling dairy products (milk and milk products).

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Dodla Dairy is a South India based integrated dairy company that is ranked as the third largest among private players in terms of milk procurement per day (average 1.02MLPD). The Company’s product portfolio consists of Milk, Butter Milk, Ghee, Curd, Paneer, Flavoured Milk, Doodh Peda, Ice Cream and Milk Based Sweets.

Dodla Dairy had debuted on the bourses on June 28, 2021. It had raised Rs 520 crore through initial public offer (IPO) by issuing shares at price of Rs 428 per share. The stock had touched a record high of Rs 672 on November 11, 2021. It hit a 52-week low of Rs 385 on February 24, 2022.

SKMPL incorporated on March 23, 1989 and SKMPL emerged on the horizons of Indian dairy industry in 1989 being the first private sector dairy company in Karnataka.

The Dodla Dairy  company is mainly into procuring milk, manufacturing, and selling of dairy products. Sri Krishna Milks reported revenue of Rs 67.28 crore in FY21 against Rs 76.27 crore last year. In FY19, its revenue was at Rs 90.20 crore.

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