Business Standard

Prabhat Dairy gets shareholder nod for sale of its business to Lactalis

99 per cent public institutions voted against the resolution but the promoter group and non-institutional investors voted in favour

Milk, products, dairy
Premium

Photo: Shutterstock

Samie Modak Mumbai
Prabhat Dairy has obtained shareholders’ nod to sell its dairy business to French firm Groupe Lactalis. The company on Thursday made the voting results public.

The resolution for “sale of entire investments (equity and preference) in its subsidiary Sunfresh Agro Industries to Tirumala Milk Products, and sale of dairy business undertaking of the company to Sunfresh Agro Industries and Tirumala Milk Products” obtained 92 per cent votes in favour.

Proxy advisory firms had termed the resolution as controversial and recommended investors to vote against it.

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Mar 28 2019 | 8:26 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com