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What’s on the menu? Haldiram interest lifts stocks of debt-stressed HCC, Kwality

On October 10, PTI reported that Haldiram group emerged as the sole bidder for acquiring debt-ridden dairy firm Kwality.

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Last Updated: Oct 31, 2019, 02.54 PM IST
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Haldiram-1---BCCL
Shares of Hindustan Construction Company (HCC) rallied nearly 20 per cent in Thursday's trade after Business Standard reported that lenders to Lavasa Corporation are set to decide on Thursday on the three offers made for the realty company by food major, Haldiram Snacks, Pune-based builder Aniruddha Deshpande and UV Asset Reconstruction Company (UVARC).

The report said Delhi-based Haldiram group has offered to take over 100 per cent of Lavasa, a subsidiary of listed firm Hindustan Construction (HCC), by infusing Rs 2,046 crore through a consortium of Haldiram Snacks, Pioneer Facor IT Infradevelopers and Sansar Property.

HCC had Rs 3,749 crore debt as of March 2019, according to its annual report 2018-19. The report further highlighted that Lavasa is jointly held by four shareholders including HCC (68.7 per cent), the Avantha Group (17.18 per cent), Venkateshwara Hatcheries (7.81 per cent) and Vithal Maniar (6.29 per cent.)

Shares of the company advanced as much as 19.90 per cent to Rs 10.06 in the morning trade on Thursday.

On October 10, PTI reported that Haldiram group emerged as the sole bidder for acquiring debt-ridden dairy firm Kwality in the ongoing insolvency process with an offer of around Rs 130 crore. Kwality has a total debt of around Rs 1,900 crore, the report said.

Shares of Kwality have jumped 77 per cent to hit an intraday high of Rs 2.83 on October 31 from Rs 1.60 on October 10.

Kwality is engaged in processing and manufacturing of dairy products, including ghee, milk powders, lassi, chaach and flavoured milk. It owns two milk-processing units, one each in Softa, Haryana, and Dibai, Uttar Pradesh.

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