Radico Khaitan approved the acquisition of 100% equity shares of Radico Spiritzs India with immediate effect, thereby making Radico Spiritzs a wholly owned subsidiary of the company.

The board of Radico Khaitan has approved the complete acquisition of Radico Spiritzs India at Rs 10 per share payable by cheque. This takeover will provide ancillary services and assist Radico Khaitan in furtherance of its business operations.

The liquor maker posted a 27.6% jump in consolidated net profit to Rs 56.23 crore on a 47.3% rise in net sales to Rs 602.76 crore in Q1 FY22 over Q1 FY21.

Shares of Radico Khaitan slipped 1.33% to Rs 891.55 on BSE. Radico Khaitan is one of the oldest and the largest manufacturers of Indian Made Foreign Liquor (IMFL) in India.

The above news was originally posted on www.business-standard.com

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