Bikaji Foods International rose 1.06% to Rs 772 after the company announced that the Ministry of Corporate Affairs (MCA) has approved the incorporation of its wholly owned subsidiary (WOS), Bikaji Bakes (BBPL) on 28 December 2024.
Bikaji Bakes (BBPL) will focus on manufacturing, distributing, and operating outlets for a wide range of bakery products, including frozen bread, cakes, gluten-free items, croissants, viennoiserie, and other bakery offerings.As part of the incorporation, Bikaji Foods International (BFIL) has acquired 10,000 equity shares in BBPL, each with a face value of Rs 10, amounting to a total investment of Rs 1,00,000.
The BBPL has become a related party of BFIL, Notably, Deepak Agarwal and Shweta Agarwal, members of BFIL's promoter group, is also directors at BBPL. The transaction was conducted on an arm's length basis.
Bikaji Foods International is the third largest ethnic snacks company in India with an international footprint, selling Indian snacks and sweets, and is among the fastest growing companies in the Indian organised snacks market.
The company reported 14.7% rise in net profit to Rs 68.6 crore on a 26% increase in total revenue from operations to Rs 721.2 crore in Q2 FY25 over Q2 FY24.
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