Ethnic snacks maker Bikaji Foods International Ltd on Wednesday said it has bought a 49% stake in Bhujialalji Pvt. Ltd, a growing ethnic snacks company.
The deal comprised of 9,608 equity shares and 396 compulsorily convertible debentures (CCDs) at Rs 5100 value per security aggregating to Rs 5.1 crore. The face value is Rs 10 per equity share, as per a BSE filing.
"With the company strategically headquartered in Bikaner, this acquisition will help us leverage the learnings of this new brand to enable growth and expand our presence. We aim to reach every household in India,’ said Deepak Agarwal, managing director, Bikaji Foods International Ltd.
Bhujialalji Pvt. Ltd. is a Bikaner-based FMCG brand that makes ethnic snacks. Its product portfolio comprises of bhujia and namkeen variants.
"This collaboration will allow us to learn and grow while preserving our brand salience. We are hoping to geographically expand our current market base, ranging from e-commerce to modern trade channels,” said Jai Agarwal, promoter, Bhujialalji.
Bikaji’s shares surged to a 52-week high of Rs 468.95 on July 19, following the company's acquisition of Bhujialalji.
Bikaji is one of India’s leading FMCG brands that sells snacks and sweets. It is known to be one of the largest manufacturers of Bikaneri bhujia, soan papdi, packaged rasgulla, and gulab jamun.
Shiv Ratan Agarwal launched the Bikaji brand in 1993. It has operations in 23 states and four union territories as of March 31, 2023.
