Mumbai: Shares of LT Foods surged over 16 per cent today as Hindustan Unilever (HUL) has signed an agreement with the company for sale of its rice export business for a consideration of Rs 25 crore.
The stock of LT Foods soared 16.29 per cent to Rs 259.80 on BSE.At NSE, it zoomed 15.9 per cent to Rs 259.40. On the other hand, shares of HUL fell 1.26 per cent to Rs 838.55 on BSE.
"...it (HUL) has signed an agreement for the sale of its rice exports business carried out primarily under the brands 'Gold Seal Indus Valley' and 'Rozana', to LT Foods Middle East DMCC, a group company of LT Foods Limited (owner of 'Daawat')," the company said in a BSE filing yesterday.
HUL said the deal envisages transfer of the brands and inventory for a consideration of Rs 25 crore, subject to adjustments on closing.
"HUL's decision to divest is in line with its strategy to exit non-core businesses, while continuing to drive its growth agenda in the core packaged foods business," it added.
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