Reliance Consumer has also subscribed to the non-cumulative redeemable preference shares of LOTUS for an aggregate consideration of Rs. 25 crore.

RIL further informed that RCPL has also completed the acquisition of equity shares pursuant to the open offer made under SEBI Takeover Regulations. Accordingly, RCPL took over sole control of LOTUS with effect from 24 May 2023.

Reliance Consumer Products (RCPL) is the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures (RRVL), which is a subsidiary of Reliance Industries (RIL) and the holding company of all the retail businesses under the RIL Group.

In December last year, RIL had announced that RCPL would acquire 65,48,935 equity shares of LOTUS, representing 51% of the paid-up equity share capital of LOTUS, from the current promoter and promoter group of LOTUS at a price per share of Rs 113, aggregating to Rs 74 crore.

RCPL and certain promoter group entities of LOTUS would subscribe to 5,07,93,200 non-cumulative redeemable preference shares of face value of Rs 10 each at par.

Further, RCPL also made an open offer to the public shareholders of LOTUS to acquire up to 33,38,673 equity shares, or 26% stake, of LOTUS at Rs 115.50 per share, in accordance with the SEBI Takeover Regulations.

Listed on the BSE, LOTUS makes chocolates, cocoa products and cocoa derivatives. It has a fully integrated manufacturing facility and is built with the best technologies and expertise from across the globe. Lotus products are supplied to chocolate makers and chocolate users across the world, starting from local bakeries to multi-national companies

Shares of LOTUS were currently locked in 5% upper circuit at Rs 152.40.

Reliance Industries is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, renewables (solar and hydrogen), retail and digital services.

The company reported 19.1% increase in consolidated net profit to Rs 19,299 crore on 2.7% rise in net sales to Rs 212,945 crore in Q4 FY23 over Q4 FY22.