Shares of BSE-listed Tasty Bite Eatables jumped to a upper ceiling of 20 per cent at ₹770 following an open offer from Japan's Kagome Co. The open offer was to acquire 25.78 per cent stake or 6.61 lakh shares in the company at ₹655.57 a share.
The open offer was necessary as Kagome Co had entered into a strategic alliance with Preferred Brands International Inc (PBI), the parent company of Tasty Bite, for acquiring 70 per cent stake.
Tasty Bite Eatables on Wednesday informed the exchanges that Kagome will hold a majority stake in PBI while providing an exit to PBI's private equity investors, the company said in a filing to the stock exchanges.
Currently, promoter hold 74.22 per cent stake in the company while 1,640 small retail investors own 14.91 per cent stake. Four high net worth individuals hold 8.86 per cent stake. Among them include K Swapna (6.15 per cent), Tanvi J Mehta (1.22 per cent) and Rahul Kayan (1.09 per cent).