Authum-Led Group Buys 47% in Prataap Snacks for $102 Million
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Shadow banker Authum Investment and investor Mahi Madhusudan Kela will buy a large stake in Indian light meal-maker Prataap Snacks Ltd. from Peak XV Partners for 8.5 billion rupees ($102 million) in cash, according to a stock exchange filing Friday.
The stock surged as much as 12% to hit its highest level in more than seven months after the announcement, but erased gains to trade below Thursday levels at 11:30 Mumbai time. Authum also announced an offer to buy another 26% stake from public holders at 864 rupees a share, a price that is significantly below the market level.