Leading quick service restaurants operator and master franchise of brands such as Domino's Pizza and Dunkin' Donuts - Jubilant FoodWorks acquired a 25 per cent stake in Gurgaon-based nutrition company Wellversed Health. The food service company will invest Rs 10 crore in Wellversed in two tranches, according to a recent regulatory filing by the company to the stock exchanges.
The first tranche of Rs 6.5 crore will be invested on the closing date as defined in the share subscription agreement and the second tranche of a sum of Rs 3.5 crore will be covered in a period of nine months - from the disbursement of the first tranche, according to the statement.
Wellversed Health offers a variety of food products which are customised for specific nutrition and dietary needs including gluten-free, keto, vegan, high-protein, diabetic conditions and regular immunity. The net revenue of Wellversed in fiscal 2019-20 was Rs 4.89 crore. The company was incorporated on August 10, 2017, as per the details of the statement.
Some significant terms of the agreement include that Jubilant FoodWorks will have the right to nominate one non-retiring director on the board (- one out of four) of Wellversed, and an observer to the board.
On Friday, shares of Jubilant FoodWorks were last trading 1.02 per cent lower at Rs 4,134.50 on the BSE. Jubilant FoodWorks opened on the BSE at Rs 4,199, registered an intra day high of Rs 4,199 and an intra day low of Rs 4,120, in the trading session so far.
On the NSE, Jubilant FoodWorks was last trading 1.19 per cent lower at Rs 4,131.35 apiece.