Consumer food products marketeer Agro Tech Foods (ATFL) today said US-based processed food major ConAgra Foods had increased its stake in the company by 3.67% for Rs 51.82 crore.
"ConAgra Foods has bought 8,93,465 shares [3.67%] of Agro Tech Foods Ltd from a third party for a price of Rs 51.82 crore," ATFL said in a statement.
ConAgra earlier held 48.11% stake, or 1,17,23,154 shares, in AFTL -- owners of refined oil brand Sundrop, it added. After the additional stake purchase, its holding will go up to 51.77%.
"Expanding our international business is a key part of our strategic plan and India represents an attractive growth market for ConAgra Foods," ConAgra Foods Chief Executive Officer Gary Rodkin said.
ConAgra will continue to work with Agro Tech's management team to expand its business and investment in India, he added.
ATFL is in the business of marketing food and food ingredients to consumers and institutional customers. The company has also expanded its brand portfolio to products such as Sundrop peanut butter and Act II popcorn among others.
ConAgra Foods is one of North America's leading food companies, with brands like Banquet, Orville Redenbacher's, Peter Pan, Reddi-wip, Slim Jim, Snack Pack, etc.
Shares of ATFL today rose by 8.09% to close at Rs 410.05 on the BSE.