Prataap Snacks board defers draft scheme of amalgamation

The board has deferred the draft scheme of amalgamation of subsidiaries, Avadh Snack and Red Rotopack, with the company.

The board in its meeting held on 28th September 2020 also deferred the proposal to increase in the authorised share capital of the company.

"We would like to inform that the Board of Directors of the Company in its meeting held today i.e. 28th September, 2020 have discussed and unanimously decided to defer the proposal of draft scheme of amalgamation of Avadh Snacks Private Limited, Red Rotopack Private Limited (the subsidiaries of Prataap Snacks Limited) with Prataap Snacks Limited and other matters in relation thereto including increase in the authorised share capital of the Company, Prataap Snacks said in a statement after market hours yesterday, 28 September 2020.

Prataap Snacks posted a consolidated net loss of Rs 5.96 crore in Q1 June 2020 as against a net profit of Rs 9.65 crore reported in Q1 June 2019. Net sales for Q1 June 2020 stood at Rs 194.45 crore, falling 40.9% from Rs 329.04 crore in the same period last year.

Prataap Snacks is a leading Indian snack foods company. It offers multiple variants of products across categories of potato chips, extruded snacks, namkeen (traditional Indian snacks) under the popular and vibrant Yellow Diamond brand.

Shares of Prataap Snacks rose 1.30% to Rs 610 on BSE. The scrip has jumped 40.19% from its 52-week low of Rs 435.10 hit on 12 May 2020.

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