Shares of Dodla Dairy Ltd climbed 20 per cent on Monday. Earlier, the company had acquired Karnataka-based Shree Krishna Milks Pvt Ltd for Rs 50 crore to expand its business. The company’s stock rose 19.23 per cent to Rs 548 on the BSE, while the company’s stock rose 19.99 per cent to Rs 548.45 on the National Stock Exchange as well.
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The Dodla Diary, in an information sent to the stock exchange on Saturday, said that the company has entered into an agreement to acquire Shri Krishna Milks for Rs 50 crore on the basis of decline in purchase. According to the company, the acquisition is expected to be completed in about two months from the date of agreement and will be in cash form.
It is worth noting that Krishna Milks Private started its business in 1989. It was the first private sector dairy company in Karnataka.