Shares of Agro Tech jumped more than 6% on Wednesday following the company’s decision to execute licenses pact with Conagra Foods.
In the exchange filing, the company shared that Agro Tech Foods Limited filed with the exchanges on February 29th, 2024, an intimation from its promoter regarding a transaction in its promoter company, which would result in a change of control of the Company upon completion. ATFL announced that this transaction was completed and noted by the board of ATFL at its meeting on August 28, 2024, as part of a reconstitution of the Company’s board of directors.
“Conagra Brands (“Conagra”) has exited its shareholding in the Company by completely exiting the promoter entity of the Company, and funds advised by Convergent Finance and Samara Capital have become the sole shareholders in the promoter entity of ATFL,” the statement further reads.
Asheesh Kumar Sharma, ATFL’s MD and CEO, stated, “We are excited to embark on this new journey of growth for our category defining brands which have been beloved household names for decades. We value our association with Conagra and are happy that our association continues with a perpetual and exclusive license for the Act II Brand in India. ATFL will continue to grow with a sharper focus on improving profitability improvement and value creation for all stakeholders.”
As of 12:05 am, Agro Tech shares were trading 6.93% higher at Rs 889.00 on the NSE.
